HomeMy WebLinkAboutCity Council - 03/07/1989 - HRA HOUSING 6 REDEVELOPMENT AUTHORITY
APPROVED MINUTES
TUESDAY, AMARCH 7, 1989 7 : 30 PM, CITY HALL COUNCIL CHAMBERS
7600 Executive Drive
HOUSING & REDEVELOPMENT Chair Gary Peterson, Richard Anderson,
AUTHORITY MEMBERS : Jean Harris, Patricia Pidcock and
Douglas Tenpas
HOUSING & REDEVELOPMENT City Manager Carl J . Jullie, Finance
AUTHORITY STAFF : Director John Frane, City Attorney
Roger Pauly, and Recording Secretary
Deb Edlund
PLEDGE OF ALLEGIANCE
ROLL CALL All Members Present
I . CALL MEETING TO ORDER
I I . HRA RESOLUTION NO . 89-01, APP ROVING REVISIONS T!2. THE TAX
INCRrkMENT FINANcrNg RL&N FOR PRAIRIEVILLAGE
City Manager Jullie stated that the Prairie Village Apartments
project would provide 56 housing units for the elderly. He
added that revisions had been made to the facility based on.
recommendations from the Human Rights and Services Commission .
Jullie stated that Staff was recommending approval of
Resolution No . 89-01 related to revision in the tax increment
financing.
Sherrill Kuretich, attorney representing the proponent, stated
that the changes were minor . Kuretich said the amount of the
market value upon completion of the project had been changed
from $6, 500, 000 to $5, 100, 000, which represented the amount of
financing being requested . She noted that the plans and the
costs of the project had not changed . Kuretich stated that an
error on the rent schedule had been changed on Page 18 of the
Tax Increment Financing Plan to reflect 16 two bedroom units
for elderly housing rather than one bedroom units . Kuretich
said that upon the recommendation of Assistant City Attorney
Joe Nilan, clarification had been made to the Project
Management Agreement related to the developer 's equity
contribution which would be deducted out of the sale proceeds
before the City' s participation and what the percentage of the
profit on the sale would be . Kuretich noted that Attorney
Nilan had been concerned about the developer requesting a
guaranteed return on the investment, which was not the case .
Director of Finance John Frane stated that because the
developer ' s contribution was cash and the City's contribution
was Tax Increment Financing, it was necessary to clarify how
the profits would be shared upon the sale of the project .
Housing & Redevelopment 2 March 7, 1989
MOTr ON
i
Anderson moved, seconded by Harris to adopt HRA Resolution No.
89-01 approving revisions to the Tax Increment Financing Plan
for the Prairie Village Apartments . Motion carried
unanimously.
Anderson commented that he was pleased to see this development
which would bring the City of Eden Prairie closer to reaching
its goals for elderly housing in Eden Prairie. Harris
concurred .
Harris asked Jullie how many total units would be available
for the elderly with the projects currently proposed . Jullie
replied approximately 185 units .
III . MINUTES
A. Housing & RedgvelopMent AutbgrityMeeting e Tuesday,,
October 18, 1988
MOTION :
Harris moved, seconded by Pidcock to approve the Minutes
of the Housing & Redevelopment Authority Meeting held
Tuesday, October 18, 1988 as published . Motion carried 4-
0-1. Tenpas abstained .
I V. ADJOURNMENT
MOTION:
Pidcock moved, seconded by Anderson to adjourn at 8 : 10 PM.