HomeMy WebLinkAboutCity Council - 05/03/2022 - HRA
APPROVED MINUTES
HOUSING AND REDEVELOPMENT AUTHORITY
TUESDAY, MAY 3, 2022 7:00 PM, CITY CENTER
Council Chamber
8080 Mitchell Road
HOUSING AND REDEVELOPMENT AUTHORITY MEMBERS: Chair Ron Case, Council
Members Mark Freiberg, PG Narayanan, Kathy Nelson, and Lisa Toomey
CITY STAFF: City Manager Rick Getschow, Public Works Director Robert Ellis, Parks and
Recreation Director Jay Lotthammer, City Planner Julie Klima, Finance Manager Tammy Wilson,
and City Attorney Maggie Neuville
I. ROLL CALL / CALL THE HRA MEETING TO ORDER
Chair Case called the meeting to order at 7:00 PM. Member Narayanan was absent.
II. APPROVE MINUTES OF HRA MEETING HELD ON APRIL 5, 2022
MOTION: Toomey moved, seconded by Nelson, to approve the HRA minutes from April
5, 2022. Motion carried 4-0.
III. ADOPT MODIFICATION TO REDEVELOPMENT PLAN FOR PROJECT AREA
NO. 5 ESTABLISHING TIF DISTRICT NO. 26: GTS HOUSING (BLUE STEM
NORTH), ADOPT TIF PLAN, AND APPROVE TIF DEVELOPMENT
AGREEMENT (Resolution HRA No. 2022-03)
Getschow explained Greco Properties is requesting Tax Increment Financing (TIF) for
GTS Housing located at 6901 Flying Cloud Drive in the Golden Triangle. The City
Council held a public hearing on the TIF proposal on March 15, 2022. GTS Housing is a
425-unit mixed-income apartment project which meets the criteria for a new Housing TIF
District. The project will be developed in two phases.
Getschow stated the first phase is a four and five story, 237-unit building in which 20
percent of the units, 49 units, will be affordable to residents earning at or below 50 percent
of the Area Median Income (AMI). An additional 12 units will be inclusionary housing
units as required by City Code and will be affordable to residents earning at or below 80
percent of AMI. The remaining 176 units will be market rate.
Getschow noted Staff and the Developer have come to terms on the Tax Increment
Financing Development Agreement which lays out the expected distribution of increment,
determines the type and number of affordable units by bedroom size, characterizes
compliance responsibilities going forward and more.
MOTION: Freiberg moved, seconded by Nelson, to adopt Resolution HRA No. 2021-03
approving a modification to the Redevelopment Plan for Redevelopment Project Area No.
HRA MINUTES
May 3, 2022
Page 2
5 and establishing Tax Increment Financing District No. 26: GTS Housing, adopt a Tax
Increment Financing Plan therefor, and approve the TIF Development Agreement. Motion
carried 4-0.
IV. ADOPT OBJECTIVE CRITERIA FOR TIF ASSIGNMENT(S) (Resolution HRA No.
2022-04)
Getschow explained there are times Staff may need to bring TIF agreements back to the
Council. Staff prepared a Resolution which includes a process of allowing the Executive
Director to provide consent on behalf of the HRA to assignment of TIF Agreements and
TIF Notes allows the City/HRA to provide a streamlined process for assignment and
ensures an equitable and consistent use of objective criteria.
Case asked how often the situation arises. City Attorney Maggie Neuville stated the
situation happens about once per year. Case asked how many over a ten year period would
meet the objective requirements. Neuville stated there has not been a time when a project
did not meet the requirements.
Community Development Director Julie Klima agreed she was not aware of a time when
the City has denied an assignment. Case noted anytime the City streamlines the process, it
is a good thing.
MOTION: Nelson moved, seconded by Toomey, to adopt Resolution HRA No. 2022-04
approving TIF assignment objective criteria. Motion carried 4-0.
V. ADJOURNMENT
MOTION: Toomey moved, seconded by Freiberg, to adjourn the HRA meeting. Motion
carried 4-0. Chair Case adjourned the meeting at 7:07 PM.
Respectfully submitted,
________________________
Katie O’Connor, Deputy City Clerk