Agenda - HRA NOVEMBER DECEMBER
S M T W T F S S M T W T F S MAXWELL
1 1 2 3 4 5 6 BRAUSEN
� 2 3 4 5 6 7 8 7 8 9 10 11 12 13 HALVERSON
9 10 11 12 13 14 15 14 15 16 17 18 19 20 ROWAN
16 17 18 19 20 21 22 21 22 23 24 25 26 27 YOUAKIM
23 24 25 26 27 28 29 28 29 30 31 GETSCHOW
30 ELVERUM
HOPKINS HRA SPECIAL MEETING
November 3, 2007
7:25 p.m.
I. CALL TO ORDER
II. CONSENT AGENDA
1. Approve minutes of the October 7, 2008, regular meeting
2. Approve disbursements through October 31, 2008
Recommendation: approve consent agenda
Board Action:
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II. NEW BUSINESS
l. ITEM 2008-14 Renewal of General liability and property
insurance and authorization of waiver of
statutory tort liability on the League of
Minnesota Cities insurance trust policy.
Board action:
I I I. AD JOURNMENT
Board Action:
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u��FF�ci��
. MINUTES OF HOPKINS HRA REGULAR MEETING
October 7, 2008
A regular meeting of the Hopkins Housing and Redevelopment
Authority was held October 7, 2008, at Hopkins City Hall. Present
were Chairman Eugene Maxwell and Commissioners Rick Brausen, Kristi
Halverson, Bruce Rowan and Cheryl Youakim. A1so present were
Executive Director Rick Getschow, Assistant Executive Director
Kersten Elverum, and Cit�r Attorney Jerry Steiner. -
I. CALL TO ORDER
The meeting was called to order at 7:18 p.m.
II. OPEN AGENDA - PUBI,IC COMMENTS
No one from the public came forward to speak. �
III.CONSENT AGENDA
• 1. Approve minutes of the September 2, 2008, regular meeting
2. Approve disbursements through September 30, 2008
Commissioner Rowan.moved, Commissioner Halverson seconded, to
approve the consent agenda. The motion was approved unanimously.
IV. NEW BUSINESS
l. ITEM 2008-12 First amendment to redevelopment agreement -
Cargill
HRA Counsel Bob Deike, Sid Inman of Ehlers & Associates and
Andy Pratt of Kennedy & Graven were present. Ms. Elverum
explained that Cargill has started construction on Phase III
(Building C) of Excelsior Crossings azid has requested that
the HRA issue and sell tax exempt tax increment revenue
bonds to support the project.
The Hopkins HRA entered into a redevelopment agreement with
Cargill for Phase III of Excelsior Crossings on March 15, .
2007. That agreement outlined the terms under which the HRA
would issue tax increment revenue bonds to support the
project.
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Minutes of October 7, 2008, HRA Meeting - Page 2 ,�:.,�
Since that date, the entire project has moved forward more
quickly and on a larger scale than originally anticipated.
As a result, excess increment has been created that can be
' pledged toward the Phase III bonds, making for a more cost-
effective bond structure. To accomplish this, the existing
' agreement requires minor modifications. The proposed
amendment also addresses the following other administrative
details and clarifications, which are of a"housekeeping"
'' nature:
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• The amendment acknowledges certain matters such as the size
of Phase III, the amount of tax increment qualified costs
" that will be reimbursed with bond proceeds and that certain
procedural steps required by the development agreement have
been satisfied.
• The current agreement with Cargill states that Cargill
would receive interest on the qualified costs incurred for
� Phase III from April 2008 until construction starts on
Phase III, but that no interest would be paid on that
amount. To avoid underwriting complications caused by that
provision, the amendment states that the amount of the
:�;;,
preconstruction interest can be added to the principal
amount of the Phase III bonds.
• The amendment clarifies that tax increment pledged to
Phase III includes, on a pro rata basis, the tax increment
generated from the related platted out lots.
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The amount of increment given to Cargill remains capped at
$27.25 per square foot. The maximum amount of the bond issue
is $8,500,000.
Commissioner Rowan moved, Comm.zssioner Halverson seconded, to
approve the First Amendment to the Redevelopment Agreement
i between the Hopkins HRA and Cargill, Inc. The motion was
� approved unanimously.
2. ITEM 2008-13 Excelsior Crossings bond issue - Phase III
Ms. Elverum stated that, as mentioned earlier, Cargill has
started construction on Phase III (Building G) of Excelsior
� Crossings and has requested that the HRA issue and sell tax
�� - exempt tax increment revenue bonds to support the project.
Proceeds from the bonds will be used to pay the e�igible
redevelopment costs to be funded with tax .zncrement.
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• Minutes of October 7, 2008, HRA Meeting - Page 3
The proposed amount of the bonds is $8,500,000, and is likely
to be�less, possibly $7,700,000.
The bonds will be repaid from tax increment generated from
Phase III construction within TIF District 2 There is no
- obligation for the HRA or the City to make up for a shortfall
in tax increment used to pay the bonds.
Commissioner Youakim moved, Commissioner Brausen seconded, to
adopt Resolution 457, authorizing the issuance of tax
increment revenue bonds (Excelsior Crossings - Phase III)
series 2008. The motion was approved unanimously. -
V . ADJOURNMENT
� Commissioner Brausen moved, Commissioner Youakim seconded, to
adjourn the meeting. The motion was approved unanimously. The
meeting adjourned at 7:32 p.m.
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Eugene J. Maxwell, Chairman
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Richard Getschow, Executive Director
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10/28/2008 ?:32 PM � A/ P CHECK REGISTER PAGE: 1
PACKET: 00876 HRA 10-28-OB
VENDOR SET: Ol � -
BANK . HRA HRA WELLS FARGO . � . . � . �
� CHECK CHECK CHECK CHECK
VENDOR NAME / I.D. DESC TYPE DATE DISCOUNT � AMOUNT NO# AMOUNT
03316 CITY OF HOPKINS R 10/28/2008 011363 14,025.19
27274 CITY OF HOPKINS R 10/28/2006 011364 3,262.69
26951 COMCAST R 10/28/2008 011365 79.95
03815 CUSTOM GLASS & SCREEN R'10/28/2008 011366 984.23
07711 GREAT GLACIER INC R 10/28/2008 011367 21.50
27200 HD SUPPLY FACILITZES MAINTENANCE R 10/28/2008 011368 101.66
26903 JESUS.HERNANDEZ R 10/28/2008 011369 297.00
13336 MIDWEST MAINTENANCE & MECHANICAL INC R 10/28/2008 011370 171.50
13446 � MN DEPT LABOR & INDUSTRY R 10/28/2008 011371 20.00
14090 C. NABER & ASSOCIATES R 10/28/2008 011372 190.00
14160 NEXTEL WEST CORP. R 10/28/2008 011373 66.11
�65 OCE IMAGISTICS INC R 10/28/2008 011374 99.00
16560 POKORNY CO R 10/28/2008 011375 1,016.61
17806 QWEST R 10/28/2008 011376 179.55
27779 JOAN SKAFF R 10/28/2008 011377 539.91
22000 VAIL PLACE R 10/28/2008 011378 5,350.55
23008 WASTE MANAGEMENT - SAVAGE R 10/26/2008 011379 565.13
25080 XCEL ENERGY R 10/28/2008 011380 2,761.60
** T O T A L S ** NO# DISCOUNTS CHECK AMT TOTAL APPLIED .
REGULAR CHECKS: 18 0.00 29,232.13 29,232.13
HANDWRITTEN CHECKS: 0 0.00 0.00 0.00
PRE-WRITE CHECKS: 0 0.00 0.00 0.00 �
DRAFTS: 0 0,00 0.00 0.00
VOID CHECKS: 0 0.00 0.00 0.00
NON CHECKS: 0 0.00 0.00 0.00
CORRECTIONS: 0 0.00 0.00 0.00
� REGISTER TOTALS: 18 0.00 29,232.13 29,232.13
TOTAL ERRORS: 0 �
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10/28/2008 2:32 PM A/ P CHECK REGISTER � � PAGE: 2� ',.
PACKET: 00876 HRA 10-26-08
VENDOR SET: Ol - �
BANK . HRA HRA WELLS FARGO
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� � . � CHECK CHECK � �� CHECK � � CHECK
VENDOR NAME / I.D. DESC TYPE DATE DISCOUNT AMOUNT NO# AMOUNT
� ** POSTING PERIOD RECAP ** � � ...
FUND PERIOD AMOUNT
I 001 10/2008 29,232.13CR
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ALL 29,232.13CR
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