Agenda -HRA �
�Y JUNE
S M T W T F S S M T W T F S MAXWELL
• 1 2 3 1 2 3 4 5 6 7 BRAUSEN
4 5 6 7 8 9 10 8 9 10 11.12 13 14 HALVERSON
11 12 13 14 15 16 17 15 16 17 18 19 20 21 ROWAN
18 19 20 21 22 23 24 22 23 24 25 26 27 28 YOUAKIM
25 26 27 28 29 30 31 29 30 GETSCHOW
ELVERUM
HOPKINS HRA REGULAR MEETING
May 6, 2008
7:15 p.m.
I. CALL TO ORDER
II. OPEN AGENDA - PUBLIC COD�NTS
(Public must fill out a Speaker Request form. There is a three-
minute limit for each person.)
III. CONSENT AGENDA
1. Approve minutes of the April 1, 2008, regular meeting
• 2. Approve disbursements through Apri1 30, 2008
Recommendation: approve consent agenda
Board Action:
IV. NEW BUSINESS .
HRA Report 2008-06 Termination of purchase agreement—Hopkins
Park Plaza and authorize purchase offers
on 525 Mainstreet & Park Plaza
Recommendation: approve termination of purchase agreement
& authorize purchase offers
Board Action:
V . P,DJOURNMENT
• Board Action:
�
• MINUTES OF HOPKINS HRA REGUI�AR MEETING
April 1, 2008
A regular meeting of the Hopkins Housing and Redevelopment
Authority was held April 1, 2008, at Hopkins City Hall. Present
were Chairman Eugene Maxwell and Commissioners Rick Brausen,
Kristi Halverson, Cheryl Youakim and Bruce Rowan. Also present
were Executive Director Rick Getschow, Assistant Executive
Director Kersten Elverum and City Attorney Jerry Steiner.
I. CALL TO ORDER
The meeting was called to order at 7:20 p.m.
II. OPEN AGENDA - PUBLIC CONlD�NT5
No one from the public came forward to speak.
III.CONSENT AGENDA
l. Approve minutes of the March 4, 2008•,�regular meeting
2. Approve minutes of the March 18, 2008, special meeting
3. Approve disbursements through March 31, 2008
• Commissioner Brausen moved, Commissioner Youakim seconded, to
approve the consent agenda. The anotion was approved �
unanimously.
IV. NEW BUSINESS .
l. ITEM 20.08-05 Sale of Tax Exempt Revenue Bonds, Phase II,
Excelsior Crossings, Series 2008
Ms. Elverum provided an overview of this item. Commissioner
Halverson moved, Commissioner Youakim seconded, to adopt
Resolution 452, authorizing the issuance of tax increment
revenue bonds (Excelsior Crossings) series 2008. The motion
was approved unanimously. ,
V . ADJOURNMENT
Commissioner Brausen moved, Commissioner Halverson seconded,
to adjourn the meeting. The motion was approved unanimously.
The meeting adjourned at 7:27 p.m.
Eugene J. Maxwell, Chairman
•
Richard Getschow, Executive Director
� 9/O1/2008 10:33 AM A/ P CHECK REGISTER PAGE: 1
PACKET: 00638 HRA 9-1-08
�
VENDOR SET: Ol .
BANK . HRA HRA WELLS E'ARGO �
• CHECK CHECK CHECK CHECK
VENDOR NAME / I.D. DESC TYPE DATE DISCOUNT AMOUNT NO# AMOUNT
03165 CENTERPOINT ENERGY R 4/O1/2008 011180 5,517.31
03316 CITY OF HOPKINS R 4/O1/2008 011181 12,601.92
26951 COMCAST R 4/Ol/2008 011182 79.95
07681 W. W. GRAINGER, INC R 9/O1/2008 012183 87.63
08009 HANCE HARDWARE, INC R 4/O1/2006 011184 102.73
27200 HD SUPPLY FACILITIES MAINTENANCE R 4/01/2006 011185 56.66
08192 HENNEPIN COUNTY TREASURER R 4/O1/2006 011186 6,643.43
*VOID* VOID CHECK V 4/O1/2008 011186 **VOID**
13172 METRO ELEVATOR, INC R 4/Ol/2008 011187 320.00
13423 MINVALCO INC R 9/O1/2008 011188 81.22
14090 C. NABER & ASSOCIATES R 4/O1/2008 011189 180.00
�65 OCE IMAGISTICS INC R 4/O1/2006 011190 89.19
17806 QWEST R 9/Ol/2006 011191 119.84
22000 VAIL PLACE R 4/Ol/2008 011192 5,025.98
� ** T 0 T A L S ** NO# DISCOUNTS CHECK AMT TOTAL APPLIED
REGULAR CHECKS: 13 0.00 30,895.38 30,895.38
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: 1 0.00 0.00 0.00
NON CHECKS: 0 0.00 0.00 0.00
CORRECTIONS: 0 0.0'0 O.OA 0.00
REGISTER TOTALS: 19 0.00 30,895.38 30,895.38
•
9/O1/2008 10:33 AM A/ P CHECK REGISTER PAGE: 2• '
PACKET: 00638 HRA 9-1-OB
�
VENDOR SET: 01
BANK . HRA HRA WELLS FARGO
ERROR LISTING �
� CHECK # VENDOR NAME PAGE ERROR MESSAGE . NOTES
-------- ----------------------- - ---------------------------- ---------------------------------------------------------------------
011186 01-08192 HENNEPIN COUNTY TREASURER 1 INVALID CHECK NUMBER � ,
TOTAL ERRORS: .1 � � .
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9/O1/2008 10:33 AM A/ P CHECK REGISTER PAGE: 3 �
PACKET: 00638 HRA 9-1-OB ' - � .
VENDOR SET: O1 �
BANK . HRA HRA WELLS EARGO -
- CHECK CHECK CHECK CHECK
�, VENDOR NAME / I.D. . DESC TYPE , DATE DISCOUNT AMOUNT NO# AMOUNT
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** POSTING PERIOD RECAP ** ;
!
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FUND PERIOD AMOUNT �
!
________________�_________________���______
001 4/2008 30,895.38CR
ALL 30,895.38CR
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�/O1/2008 10:99 AM A/ P CHECK REGISTER PAGE: 1
PACKET: 00690 HRA 9/O1/OB
�
VENDOR SET: O1 � �
BANK . HRA HRA WELLS FARGO
• CHECK CHECK CHECK CHECK
VENDOR NAME / I.D. � DESC TYPE DATE DISCOUNT AMOUNT NO# AMOUNT
08189 HENNEPIN�COUNTY TREASURER R 9/O1/2006 011193 6,693.43
** T 0 T A L S ** NO# DISCOUNTS CHECK AN}T TOTAL APPLIED
REGULAR CHECKS: 1 0.00 6,693.43 6,643.93
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: 1 0.00 6,693.43 6,693.43
TOTAL ERRORS: 0 �
•
�
9/O1/2008 10:99'AM A/ P CHECK REGISTER PAGE: 2'
PACKET: 00640 HRA 9/01/08 �
VENDOR SET: O1 .
BANK . HRA HRA WELLS FARGO ,
� � � CHECK CHECK CHECK � CHECK �
� VENDOR NAME / I.D. DESC TYPE DATE DISCOUNT AMOUNT � NO# AMOONT
** POSTING PERIOD RECAP **
FUND PERIOD AMOUNT
------------------------------=------------
001 4/2008 6,643.43CR
ALL 6,643.43CR
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�/18/2003 9:33 AM A/ P CHECK REGISTER PAGE: 1
PACKET: 00660 HRA 9-18-08
�
VENDOR SET: 01
BANK . HRA HRA WELLS FARGO � � - .
� � CHECK CHECK CHECK CHECK
VENDOR NAME / I.D. DESC TYPE DATE DISCOUNT � AMOUNT NO# � AMOUNT
27279 CITY OP HOPKINS R 9/18/2008 011194 2,580.22
03635 CONTINENTAL RESEARCH CORPORATION R 4/16/2008 011195 513.59
27590 ESPRESSO SERVICES INC R 4/18/2008 011196 11.23
07681 W. W. GRAINGER, INC R 9/18/2006 011197 190.27
07711 GREAT GLACIER INC R 9/18/2008 011198 13.92
07710 GREEN STUFF � R 4/18/2008 011199 260.00
27200 HD SUPPLY FACILITIES MAINTENANCE R 9/18/2008 011200 250.26 ..
08699 HOME DEPOT CREDIT SERVICES R 4/18/2008 011201 63.89
06565 HOPKINS ACTIVZTY CENTER � R 9/18/2008 011202 - 97.92
13336 MIDWEST MAINTENANCE & MECHANICAL INC R 4/18/2008 � 011203 50.00
13923 MINVALCO INC R 4/18/2008 011204 127.60
�0 C. NABER & ASSOCIATES R 9/18/2008 011205 190.00
19160 NEXTEL WEST CORP. . R 9/18/2008 � � 011206 59.83
16953 PLUNKETTS R 9/18/2008 � � 01�1207 95.85
16560 POKORNY CO R 4/18/2008 011208 16.61
17806 QWEST R 4/16/2008 011209 106.93
18569 ROOT-O-MATIC R 9/18/2008 011210 191.60
1B817 RUTLEDGE CONSTRUCTION CO R 9/18/2008 011211 8,230.59
19723 STUDIO FIVE ARCHITECTS R 4/18/2008 011212 3,000.00
19825 SUNDBERG CO � R 9/18/2008 011213 78.39
22000 VAIL PLACE R 4/18/2008 011214 5,039.55
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9/18/2008 9:33 AM A/ P CHECK REGISTER . PAGE: 2� .
PACKET: 00660 HRA 4-18-08
.�
VENDOR SET: O1
BANK . HRA HRA WELLS FARGO
� � CHECK� CHECK CHECK CHECK :;"""-.
VENDOR NAME / I.D. DESC - TYPE DATE DISCOUNT AMOUNT NO# AMOUNT
23008 WASTE MANAGEMENT - SAVAGE R 9/18/2008 011215 565.62
25080 XCEL ENERGY R 9/18/2008 011216 2,259.19
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i ** T 0 T A L S ** NO# DSSCOUNTS CHECK AMT TOTAL APPLIED
REGULAR CHECKS: 23 0.00 23,927.16 23,927.16
j 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: 23 0.00 23,927.16 23,927.16
TOTAL ERRORS: 0
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4/16/2003 9:33 AM A/ P CHECK REGISTER. � PAGE: 3 ��
PACKET: 00660 HRA 9-18-OB
VENDOR SET: O1 - � �
BANK . HRA HRA WELLS FARGO
� � CHECK CHECK CHECK � CHECK
�VENDOR NAME / I.D. DESC TYPE DATE �DISCOUNT AMOUNT NO# AMOUNT
� � ** POSTING PERIOD RECAP ** . -
FUND PERIOD AMOUNT� .
------------------------------------------- �
001 9/2008 23,927.16CR
-------------------------------------------
-----------------------------------------
ALL 23,927.16CR
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May 1, 2008 y o P K, N s HRA I�eport 2008-06
`� TERMINATION OF PURCHASE AGREEMENT — HOPKINS PARK PLAZA
Proaosed Action
Staff recommends adoption of the following motions:
� • Terminate the purchase agreement between the Hopkins HRA and Hopkins Park
Plaza. LLC
� • Authorize an offer of $484,000 to purchase 525 Mainstreet and $5:5 million #or
Hopkins Park Plaza.
With this action a termination natice and offer will be served to Hopkins Park Plaza and an
offer made to the owners of 525 Mainstreet. ' _ -
Overview
In November 2006 the Hopkins Housing & Redevelopment Authority entered into a purchase
agreement for the property known as Hopkins Park Plaza. The purchase pcice and terms
were based on the proposed condominium project by GPS Development:
The original purchase price under the agreement was $62 million with an additional $30,000
per month added until closing occurred. That purchase price is currently at'$6.74 million,
significantly over the appraised value of ,$5 million. Additionally, the project as now proposed
by Doran Companies is not financially feasible using this figure. As a result,the existing
� purchase agreement has no value to the HRA.
The project's developer is prepared to pay a reasonable amount for this property,:as well as
for 525 Mainstreet. Appraisals have been conducted and staff is recommending the following
offers representing 110 percent of the value established through appraisaL•
• $484,000 - 525 Mainstreet
• $5.5 million - Hopkins Park Plaza
Primarv Issues to Consider
The purchase agreemenf itself does not have any value to the HRA as neither the developer
or the HRA is willing to pay the purchase price associated with the agreement. The existence
of the agreement has put the TIF litigation brought on by the owners of the Hopkins Park
Plaza on hold. C celling the agreement will result in the TIF lawsuit moving forward. '
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� I . `t 4�..�.I� �� J . . .. � � . , .
ersten erum ��
Directo of Planning Development
Financial Impact: $0 Budgeted: Y/N Source:
Related Documents (CIP, ERP, etc.):
, � , Notes