HRA Minutes 02-22-1995
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MINUTES
MONTICELLO HOUSING AND REDEVELOPMENT AUTHORITY
MONTICELLO CITY COUNCIL
MONTICELLO-BIG LAKE COMMUNITY HOSPITAL DISTRICT
~1ednesday, February 22. 1995 -- 7:00 p.m.
Hospital Board Room
HRA MEMBERS PRESENT:
Chairperson Al Larson, Vice Chairperson
Ben Smith, Everette Ellison, Tom St.
Hilaire, and Brad Barger.
CITY COUNCIL PRESENT:
Mayor Brad Fyle, Clint Herbst, Brian
Stumpf, and Tom Perrault.
CITY COUNCIL ABSENT: Shirley Anderson.
HOSPITAL BOARD PRESENT: Don Biske, Trish Taylor, Jim Fleming, Bob
Dawson, Mary Kiffmeyer, and Rick Morrow.
HOSPITAL BOARD ABSENT: Helen Weidenbach and Linda Doerr.
STAFF PRESENT: City Administrator Rick Wolfsteller,
Hospital Executive Director Barb
Schwientek, and HRA Executive Director
Ollie Koropchak.
PROJECT COORDINATORS:
HRA Attorney Steve Eubul, Alliance
Project Coordinator Dan Lindl,
Architect Jay Nelson and Market
Coordinator Allen Black.
The 48-unit senior housing project was defined by Dan Lindl. HRA
Attorney Bubul described the financial gap in the project
financing, def ined the di fference between the TIF and the bond
financing, and explained the need to cash flow the project and
obtain acceptable rental rates. One of the unresolved issue was
land acquisition and disposition. It was understood by the City
Council and HRA that the Hospital Board would donate the land as
equity in the project funding.
Koropchak outlined the HRA's approved TIF assistance of $220,830,
subject to the Hospital Board donating the land with consideration
by all entities to consider a low-interest or guaranteed loan.
The HOGpital Board representatives agreed to bring to the full
Hospital Board for ratification the following: First, make
available $100,000 cash as equity. Next and independently, the
Hospital Board will sell the land for $175,000. Upon issuance of
the revenue bonds, the Hospital will receive $100/000 and will take
a $75,000 interest-free note subordinate to the bond mortgage.
Subject to Hospital Board approval of the above and Council
approval for bond issuancE', and:),pon consideration by the non--
effectivp HRA members; Everette Ellison made a motion to modify the
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HRA MINUTES
FEBRUARY 22, 1995
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budget within TIF Plan for TIF District No. 1-19. Budget was
modified to include $75,000 for debt-service reserve for the
housing bonds and $30,000 for water/sewer hookup fees for a total
TIF budget of $325,830. Ben Smith seconded the motion and with no
further discussion, the motion passed 3-0. Yeas: Everette
Ellison, Ben Smith, and Tom St. Hilaire. Nays; None. Abstention:
Al Larson and Brad Barger.
The meeting adjourned by a concensus of members present.
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TIF DISTRICT NO. 1-19 BUDGET
APPROVED BY HRA FEBRUARY 22, 1995
DEBT-SERVICE RESERVE FOR HOUSING BONDS
DEMOLITION/REMOVAL
SITE IMPROVEMENTS
STORM SEWER
SANITARY SEWER
WATER
WATER/SEWER HOOKUP FEES
PUBLIC IMPROVEMENTS
UTILITY REALIGNMENT
FIRETRUCK PATH/HYDRANTS
BIKE/PED PATHWAY BRIDGE
SITE PREPARATION
OTHER PREPARATION FOOTINGS
PARKING/PAVING/LANDSCAPING
SUBTOTAL
CONTINGENCY
ADMINISTRATION
TOTAL
$ 75,000
7,500
15.440
18/950
3.400
30,000
12,000
10,000
10,000
39,208
15,675
""..~",,4"?__'.~J?L
$285,830
20,000
_....__?g.!.,.QqQ.,
$325,830