HRA Meeting
MAY JUNE MAXWELL
S M T W T F S _S M T W T F S CUMMINGS
1 2 1 2 3 4 5 6 GADD
3 4 5 6 7 8 9 7 8 9 10 11 12 13 HALVERSON
10 11 12 13 14 15 16 14 15 16 17 18 19 20 KUZNIA
17 18 19 20 21 22 23 21 22 23 24 25 26 27 MORNSON
ELVERUM
24 25 26 27 28 29 30 28 29 30
31
HOPKINS HRA REGULAR MEETING
May 5, 2015
7 p.m.
I. CALL TO ORDER
II. CONSENT AGENDA
1.Approve minutes of the April 7, 2015, regular meeting
2.Approve minutes of the April 21, 2015, special meeting
3.Approve disbursements through April 30, 2015
Recommendation: approve consent agenda
Board Action: ___________________________________________
III. ADJOURNMENT
Board Action: ____________________________________________
UNOFFICIAL
MINUTES OF HOPKINS HRA REGULAR MEETING
April 7, 2015
A regular meeting of the Hopkins Housing and Redevelopment Authority
was held April 7, 2015,at Hopkins City Hall. Present were Chairman
Eugene Maxwell, Commissioners Molly Cummings, Jason Gadd, Kristi
Halverson and Aaron Kuznia. Also present were Executive Director Mike
Mornson, Assistant Executive Director Kersten Elverum and City
Attorney Scott Landsman.
I. CALL TO ORDER
The meeting was called to order at 7:01 p.m.
II. CONSENT AGENDA
1.
Approve minutes of the March 3, 2015, regular meeting
2.
Approve minutes of the March 16, 2015, special meeting
3.
Approve disbursements through March 31, 2015
4.
Schedule special HRA meeting for April 21, 2015
Commissioner Halverson moved, Commissioner Cummings seconded, to
approve the consent agenda. The motion was approved unanimously.
III. ADJOURNMENT
Commissioner Cummings moved, Commissioner Gadd seconded, to adjourn
the meeting. The motion was approved unanimously. The meeting
adjourned at 7:03 p.m.
______________________________________
Eugene J. Maxwell, Secretary
_______________________________________
Michael J. Mornson, Executive Director
UNOFFICIAL
MINUTES OF HOPKINS HRA SPECIAL MEETING
April 21, 2015
A special meeting of the Hopkins Housing and Redevelopment
Authority was heldApril 21, 2015,at Hopkins City Hall. Present
were Chairman Eugene Maxwell, Board Members Molly Cummings, Jason
Gadd, Kristi Halverson and Aaron Kuznia. Also present were
Executive Director Mike Mornson, Assistant Executive Director
Kersten Elverum and City Attorney Kim Kozar.
I. CALL TO ORDER
The meeting was called to order at 7:01 p.m.
II. NEW BUSINESS
ITEM 2015-07 Assignment of two TIF notes to Doran Partners 1, LLC
Ms. Elverum stated that the HRA created Tax Increment District
(TIF)1-4 to facilitate redevelopment of the former Hopkins Honda
body shop/used-car lot between Sixth and Eighth Avenues. The
project was sold to Marketplace Holdings, Inc., which developed
53 apartments, 5,500 square feet of retail space and seven
townhomes, with additional investment by The George Group North,
LLC. TIF was pledged through two notes with original principal
amounts totaling $1 million and $360,000 respectively.
The current owners and holders of the TIF notes are contemplating
selling the property, and the HRA has been asked to approve the
assignment of Phase I and Phase II TIF notes to a new entity,
Doran Partners 1, LLC. Upon sale, the development agreement
look-back provision requires analysis of a reasonable rate of
return, given the public subsidy. This analysis has not been
completed. Staff recommends approval contingent upon the review
of the look-back provisions and recommendations of our financial
advisor.
Commissioner Halverson moved, Commissioner Kuznia seconded, to
approve assignment of Phase 1 Tax Increment Financing Note and
assignment of Phase II Tax Increment Financing Note between
Marketplace Holdings, Inc., and The George Group North, LLC, and
Doran Partners 1, LLC, contingent upon the review of the look-
back provisions and recommendations of our financial advisor.
The motion was approved unanimously.
HRA Minutes of Special Meeting, April 21, 2015 Page 2
III. ADJOURNMENT
Commissioner Cummings moved, Commissioner Gadd seconded, to
adjourn the meeting. The motion was approved unanimously. The
meeting adjourned at 7:05 p.m.
______________________________________
Eugene J. Maxwell, Chairman
______________________________________
Michael J. Mornson, Executive Director