HRA Minutes 01-07-1987MINUTES
(\ MONTICELLO HOUSING AND REDEVELOPMENT AUTHORITY
Wednesday, January 7, 1987 - 7:OOAM
City Hall
Members Present: Acting Chairperson Bud Schrupp, Ken Maus,
and Ben Smith.
Members Absent: Marlys Erickson.
1. Call To Order.
Acting Chairperson Bud Schrupp called the HRA meeting to
order at 7:05AM.
2. Approval of the October 1, 1986 HRA Minutes.
Ben Smith motioned to approve the October 1, 1986 HRA
minutes, Ken Maus seconded the motion. Minutes stand
approved.
3. Consideration to Recommend Reappointment of HRA member,
Ken Maus.
Ken Maus accepted reappointment to the HRA with non-
committment to serve the full five year term. Ben Smith
motioned to accept and to recommend Ken Maus for HRA
membership to the City Mayor for ratification by the
C City Council. Bud Schrupp seconded the motion. Motion
passed unanimously.
4. Consideration to Amend Construction Five's Tax Increment
Finance Plan and to Request the City Council to Set a
Public Hearing for the Purpose of Amending the Tax
Increment Finance Plan.
Discussion centered around the continued use of Tax
Increment Finance without the tool of tax-exempt bonds.
Koropchak informed the Authority that according to Jerry
Shannon, Springstad, Inc., that TIF is still usable, as
the increment generated by a project remains the same,
however, the budget cost increases because of the in-
creased interest rate, thereby, reducing the amount
of increment to be applied toward the 'amount of
bond issuance. Koropchak, then, reiterated the
projects public improvements, proposed developer's
plan, and how this fits into the city's overall future
plans. Ken Maus motioned to amend and adopt Construction
Five's Tax Increment Finance Plan and to request the
City Council to set a public hearing for the purpose
of amending the Tax Increment Finance Plan. Seconded
by Ben Smith, the motion passed 3-0.
5. Other Business.
C Discussion centered around the Metcalf/Larson proposed
Elderly Project II with regards to the comment of FmHA
funding for retail stores on the first floor. THe NRA
suggested a meeting with Metcalf/Larson to obtain their
current interest in the project.
HRA Minutes - I/7/87
Portions of Block 51, City of Monticello; and Moon Motors
and the Olson property were set as the 1987 HRA goals.
The HRA request the City Council to supply names for the
vacant seat on the HRA. The HRA suggested to call
Dr. McCarty or Al Larson.
6. AdJournment.
Ren Maus motioned to adjourn the HRA meeting, seconded by
Ben Smith. Meeting adjourned.
Olive M. Roropchak
HRA Secretary
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