HomeMy WebLinkAboutCity Council - 04/04/2023 - HRAAPPROVED MINUTES
HOUSING AND REDEVELOPMENT AUTHORITY
TUESDAY, APRIL 4, 2023 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, Community Development Director Julie Klima, Finance
Manager Tammy Wilson, and Acting City Attorney Joshua Dorothy
I. ROLL CALL / CALL THE HRA MEETING TO ORDER
Chair Case called the meeting to order at 7:00 PM. All HRA members were present.
II. APPROVE MINUTES OF HRA MEETING HELD ON DECEMBER 6, 2022
MOTION: Toomey moved, seconded by Narayanan to approve the HRA minutes from
December 6, 2022. Motion carried 5-0.
III. ADOPT MODIFICATION TO TIF PLAN AND APPROVE AMENDED AND
RESTATED TIF AGREEMENT FOR GTS HOUSING (BLUE STEM NORTH)
(Resolution HRA No. 2023-01)
Getschow explained the Tax Increment Financing (TIF) Plan for TIF District No. 26 is
being modified to change the date of receipt of first increment to 2025. In 2022, the HRA
approved the Developer’s TIF request, with receipt of first increment to occur in 2024.
The delay to 2025 will allow the developer adequate time to secure all funding
commitments necessary to begin construction. The Modification conforms in all respects
to the requirements of the TIF statutes, and will help fulfill a need to provide housing
opportunities, to improve the tax base and to improve the general economy of the State and
thereby serves a public purpose.
Getschow added the Tax Increment Financing Development Agreement for the project was
also initially approved in 2022, but has not yet been fully signed or recorded. An
Amended and Restated TIF Agreement has been prepared that reflects the delay of receipt
of first increment to 2025, and also revises the initial agreement to increase the amount of
TIF assistance to $17.4 million over the term of the TIF district, from the original amount
of $12.9 million. This increase is within the original TIF budget and does not require
modification of the TIF plan. Developer has requested this additional funding from the
City a result of increased construction costs due to changing market conditions.
MOTION: Narayanan moved, seconded by Toomey, to adopt Resolution HRA No. 2023-
01 Adopting a Modification to the Tax Increment Financing Plan for Tax Increment
HRA MINUTES
April 4, 2023
Page 2
Financing District No. 26 - GTS Housing and to approve and authorize execution of
Amended and Restated Tax Increment Development Agreement for GTS Housing.
Motion carried 5-0.
IV. ADJOURNMENT
MOTION: Freiberg moved, seconded by Nelson, to adjourn the HRA meeting. Motion
carried 5-0. Chair Case adjourned the meeting at 7:06 PM.
Respectfully submitted,
________________________
Nicole Tingley, City Clerk