II. 1. Approve minutes of the October 4, 2016, regular meetingUNOFFICIAL
MINUTES OF HOPKINS HRA REGULAR MEETING
October 4,2016
A regular meeting of the Hopkins Housing and Redevelopment
Authority was held October 4,2016,at Hopkins City Hall.
Present were Chair Molly Cummings, CommissionersKaty Campbell,
Jason Gadd, Kristi Halverson and Aaron Kuznia. Also present were
Executive Director Mike Mornson,Assistant Executive Director
Kersten Elverum, and Finance Director Christine Harkess.
I. CALL TO ORDER
The meeting was called to order at 7p.m.
II. CONSENT AGENDA
1.Approve minutes of theSeptember 6,2016, regular meeting
2.Approve disbursements throughSeptember30, 2016
CommissionerGaddmoved,CommissionerKuzniaseconded,to
approve the consent agenda.The motion was approved
unanimously.
III. NEWBUSINESS
ITEM 2016-09 Authorize execution of Pledge Agreement with the
City of Hopkins relating to the 2016D GO TIF Refunding Bonds
and providing for the redemption of bonds refunded.
Ms. Harkessstated that staff is requesting authorization to
execute a tax increment pledge agreement with the City of
Hopkins to call the HRA Tax Increment Revenue Bonds (Excelsior
Crossings Project), Series 2009, for redemption and refund
with the 2016D Tax Increment Refunding Bonds. This will
realize an estimated present value savings of $1,144,000. The
savings from refunding the 2009 HRA bonds will reduce total
debt service by an estimated $1,318 million over the next 12
years, and as a result, additional funds will be available to
the City for development. Debt service will be paid from tax
increment revenues generated fromTIF 2-11.
UNOFFICIAL
HRAMinutes, 10/4/16 –Page 2
CommissionerGaddmoved, CommissionerKuzniaseconded, to
adopt Resolution 514, authorizing execution of a tax increment
pledge agreement with the City of Hopkinsrelating to the
City’s general obligation tax increment revenue refunding
bonds, Series 20216D, and providing for the redemption of
bonds refunded thereby.The motion was approved unanimously.
IV. ADJOURNMENT
CommissionerGaddmoved, CommissionerKuznia seconded, to
adjournthe meeting. The motion was approved unanimously. The
meeting adjourned at 7:05p.m.
____________________________________
Molly Cummings, Chair
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MichaelJ.Mornson,ExecutiveDirector