HRA Minutes 11-14-1990
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MINUTES
MONTICELLO HOUSING AND REDEVELOPMENT AUTHORITY
SPECIAL MEETING
Wednesday. November 14. 1990 - 7:30 AM
City Hall
MEMBERS PRESENT: Chairperson Al Larson. Ben Smith. Lowell
Schrupp. and Everette Ellison.
MEMBERS ABSENT: Torn St. Hilaire.
STAFF PRESENT: Ollie Koropchak.
1. CALL TO ORDER.
Chairperson Al Larson called the HRA meeting to order at
7:28 AM.
2.
CONSIDERATION OF THE HRA TO ENTER INTO A TAX INCREMENT
PLEDGE AGREEMENT BY AND BETWEEN THE CITY OF MONTICELLO
AND THE HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR
THE CITY OF MONTICELLO. MINNESOTA.
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Koropchak explained that a Tax Increment Pledge Agreement
between the City and the HRA is a normal process in the
issuance of general obligation bonds by the City for a
HRA project. Briefly stated the agreement says the City
will sell bonds. the proceeds from the bond sale will be
made available to the HRA to pay for costs incurred
by a project. and the HRA agrees that all tax increment
generated by a District will be placed in a special
fund for annual debt service payments of the bonds.
Exhibit A was for a $140.000 General Obligation Taxable
Tax Increment Bond for TIF District No. 1-9 (Tapper's
Inc.). Exhibit B was for a $165.000 General Obligation
Taxable Tax Increment Bond for TIF District No. 1-10
(Rernrnele Engineering. Inc.).
Ben Smith made a motion that the HRA enter into a Tax
Increment Pledge Agreement with the City of Monticello
for the $140.000 G.O. Taxable Tax Increment Bond and
the $165.000 G.O. Taxable Tax Increment Bond relating
to TIF District Nos. 1-9 and 1-10. respectively.
The motion was seconded by Everette Ellison and
without further discussion passed 4-0.
CONSIDERATION OF THE HRA TO ADOPT A RESOLUTION AUTHORIZING
EXECUTION OF TWO TAX INCREMENT PLEDGE AGREEMENTS.
3.
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Koropchak explained the resolution is a document author-
izing execution of a motion. Therefore. based on the
action taken by the HRA in the previous agenda. Everette
Ellison made a motion for the HRA to adopt the resolution
authorizing execution of two Tax Increment Pledge Agreements.
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HRA Minutes
Special Meeting 11/14/90
Page 2
3. CONTINUED.
Ben Smith seconded the motion and without further discussion
the motion passed 4-0.
4. OTHER BUSINESS.
Chairperson Al Larson mentioned that Wednesday was a good
day for him to visit the housing complex in Sartell
which was developed by Helgeson Development Company, Inc.
Mr. Bill Kemp was a guest at the HRA November 7th meeting
and the suggestion was made to visit the development
in Sartell. Koropchak will make those arrangements in
the near future.
5. ADJOURNMENT.
The HRA meeting adjourned by a consensus of it's members
present. Adjournment time 7:35 AM.
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Ollie Koropchak
HRA Executive Secretary
Prior to the HRA special meeting, Koropchak reviewed the
IDC concept plan for the TIF/SPEC Building Proposal with
Chairperson Al Larson. Highlighted were the changes to
the original concept and the motion made by the HRA on
November 7. 1990. The motion was subject to input and approval
by the HRA Chairperson. See November 7. 1990 HRA minutes.
Agenda Item No.5. Chairperson Al Larson agreed with the
HRA reornrnendation and approval.
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