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HomeMy WebLinkAboutCity Council - 11/17/2015 - HRA APPROVED MINUTES HOUSING AND REDEVELOPMENT AUTHORITYTUESDAY, NOVEMBER 17, 20157:00 PM, CITY CENTERCouncil Chamber8080 Mitchell Road HOUSING AND REDEVELOPMENT AUTHORITY MEMBERS: ChairNancy Tyra-Lukens, Council Members Brad Aho, Sherry Butcher Wickstrom, Ron Case, and Kathy NelsonCITY STAFF:City Manager Rick Getschow, Public Works Director Robert Ellis, Community Development Director Janet Jeremiah, Parks and Recreation Director Jay Lotthammer, Finance Director Sue Kotchevar, City Attorney Ric Rosow and Council Recorder Jan CurielliI.ROLL CALL / CALL THE HRA MEETING TO ORDER Chair Tyra-Lukens called the meeting to order at 7:03 PM.All HRA members were present.II.APPROVE MINUTES OF HRA MEETING HELD ONSEPTEMBER 1, 2015MOTION:Nelsonmoved, seconded by Case, to approve the minutes of the HRA meeting held September 1, 2015. Motion carried 5-0. III.APPROVE FIRST AMENDMENT TO THE SUBORDINATION AGREEMENT FOR COLUMBINE TOWNHOMES Getschow said this property is part of Housing Tax Increment Financing District No. 12 created by the HRA. In 1996 Columbine Townhomes Affordable Housing Limited Partnership and the HRA entered into a Project Management Agreement in 1996. The Agreement was amended in 2012. As part of the 1996 Agreement Columbine executed a Promissory Note and Mortgage to secure certain obligations under the Agreement. In August 2012 Columbine Townhomes requested that the HRA execute a Subordination Agreement in favor of its Lender by which the HRA subordinated its interests to the Lender’s financing of the property. Columbine has requested an additional loan from the Lender which will be also secured by a mortgage. The Lender requests that the HRA subordinate its interest to this new financing. The First Amendment to Subordination Agreement is the instrument by which the HRA subordinates its interest to the Lender’s mortgage. Rosow said the following provision should be part of the motion: “The HRA also approves such other subordination amendments related to this loan that may arise in the future, upon the approval of the officers.” MOTION:Aho moved, seconded by Case, to approve the First Amendment to the Subordination Agreement for Columbine Townhomesand including the provision added by City Attorney Rosow.Motion carried 5-0. IV.ADJOURNMENT MOTION: Butcher Wickstrom moved, seconded by Case, to adjourn the HRA meeting. Motion carried 5-0. Chair Tyra-Lukens adjourned the HRA meeting at 7:06 PM. APPROVED MINUTES HOUSING AND REDEVELOPMENT AUTHORITY TUESDAY, NOVEMBER 17, 2015 7:00 PM, CITY CENTER Council Chamber 8080 Mitchell Road HOUSING AND REDEVELOPMENT AUTHORITY MEMBERS: Chair Nancy Tyra - Lukens, Council Members Brad Aho, Sherry Butcher Wickstrom, Ron Case, and Kathy Nelson CITY STAFF: City Manager Rick Getschow, Public Works Director Robert Ellis, Community Development Director Janet Jeremiah, Parks and Recreation Director Jay Lotthammer, Finance Director Sue Kotchevar, City Attorney Ric Rosow and Council Recorder Jan Curielli I. ROLL CALL / CALL THE HRA MEETING TO ORDER Chair Tyra -Lukens called the meeting to order at 7:03 PM. All HRA members were present. H. APPROVE MINUTES OF HRA MEETING HELD ON SEPTEMBER 1, 2015 MOTION: Nelson moved, seconded by Case, to approve the minutes of the HRA meeting held September 1, 2015. Motion carried 5-0. III. APPROVE FIRST AMENDMENT TO THE SUBORDINATION AGREEMENT FOR COLUMBINE TOWNHOMES Getschow said this property is part of Housing Tax Increment Financing District No. 12 created by the HRA. In 1996 Columbine Townhomes Affordable Housing Limited Partnership and the HRA entered into a Project Management Agreement in 1996. The Agreement was amended in 2012. As part of the 1996 Agreement Columbine executed a Promissory Note and Mortgage to secure certain obligations under the Agreement. In August 2012 Columbine Townhomes requested that the HRA execute a Subordination Agreement in favor of its Lender by which the HRA subordinated its interests to the Lender's financing of the property. Columbine has requested an additional loan from the Lender which will be also secured by a mortgage. The Lender requests that the HRA subordinate its interest to this new financing. The First Amendment to Subordination Agreement is the instrument by which the HRA subordinates its interest to the Lender's mortgage. Rosow said the following provision should be part of the motion: "The HRA also approves such other subordination amendments related to this loan that may arise in the future, upon the approval of the officers." MOTION: Aho moved, seconded by Case, to approve the First Amendment to the Subordination Agreement for Columbine Townhomes and including the provision added by City Attorney Rosow. Motion carried 5-0. HRA MINUTES November 17, 2015 Page 2 IV. ADJOURNMENT MOTION: Butcher Wickstrom moved, seconded by Case, to adjourn the HRA meeting. Motion carried 5-0. Chair Tyra -Lukens adjourned the HRA meeting at 7:06 PM. APPROVED MINUTES HOUSING AND REDEVELOPMENT AUTHORITY TUESDAY, NOVEMBER 17, 2015 7:00 PM, CITY CENTER Council Chamber 8080 Mitchell Road HOUSING AND REDEVELOPMENT AUTHORITY MEMBERS: Chair Nancy Tyra - Lukens, Council Members Brad Aho, Sherry Butcher Wickstrom, Ron Case, and Kathy Nelson CITY STAFF: City Manager Rick Getschow, Public Works Director Robert Ellis, Community Development Director Janet Jeremiah, Parks and Recreation Director Jay Lotthammer, Finance Director Sue Kotchevar, City Attorney Ric Rosow and Council Recorder Jan Curielli L ROLL CALL / CALL THE HRA MEETING TO ORDER Chair Tyra -Lukens called the meeting to order at 7:03 PM. All HRA members were present. II. APPROVE MINUTES OF HRA MEETING HELD ON SEPTEMBER 1, 2015 MOTION: Nelson moved, seconded by Case, to approve the minutes of the HRA meeting held September 1, 2015. Motion carried 5-0. III. APPROVE FIRST AMENDMENT TO THE SUBORDINATION AGREEMENT FOR COLUMBINE TOWNHOMES Getschow said this property is part of Housing Tax Increment Financing District No. 12 created by the HRA. In 1996 Columbine Townhomes Affordable Housing Limited Partnership and the HRA entered into a Project Management Agreement in 1996. The Agreement was amended in 2012. As part of the 1996 Agreement Columbine executed a Promissory Note and Mortgage to secure certain obligations under the Agreement. In August 2012 Columbine Townhomes requested that the HRA execute a Subordination Agreement in favor of its Lender by which the HRA subordinated its interests to the Lender's financing of the property. Columbine has requested an additional loan from the Lender which will be also secured by a mortgage. The Lender requests that the HRA subordinate its interest to this new financing. The First Amendment to Subordination Agreement is the instrument by which the HRA subordinates its interest to the Lender's mortgage. Rosow said the following provision should be part of the motion: "The HRA also approves such other subordination amendments related to this loan that may arise in the future, upon the approval of the officers." MOTION: Aho moved, seconded by Case, to approve the First Amendment to the Subordination Agreement for Columbine Townhomes and including the provision added by City Attorney Rosow. Motion carried 5-0. HRA MINUTES November 17, 2015 Page 2 IV. ADJOURNMENT MOTION: Butcher Wickstrom moved, seconded by Case, to adjourn the HRA meeting. Motion carried 5-0. Chair Tyra -Lukens adjourned the HRA meeting at 7:06 PM.