HomeMy WebLinkAbout04-07-14CITY OF LAKEVILLE
HOUSING AND REDEVELOPMENT AUTHORITY
MEETING MINUTES
APRIL 7, 2014
Chair Anderson called the meeting to order at 6:30 p.m.
Roll call was taken. Present: Commissioners Little, Anderson and Swecker
Absent: Commissioners Davis and LaBeau
Also present: Steven Mielke, Executive Director; David Olson, Community & Economic
Development Director; Roger Knutson, City Attorney, Charlene Friedges, City Clerk.
Item 2
Motion was made by Little, seconded by Swecker to approve minutes of the March 3, 2014
H.R.A. meeting.
Voice vote was taken on the motion. Ayes - unanimous
Item 3
The Community & Economic Development Director presented a proposed resolution
approving modification of the Redevelopment Plan for Redevelopment Project No.1 and
establishing a Tax Increment Financing (TIF) District and approving a Tax Increment Financing
Plan for the Menasha Packaging expansion project. Menasha is requesting TIF assistance for
site development costs associated with the project. The proposed TIF assistance will not
exceed $626,018 and will be provided on a "pay-as-you-go" basis over a nine year period
beginning in 2016.
Motion was made by Little, seconded by Swecker to approve Resolution No. 14-02 approving
modification of the Redevelopment Plan for Redevelopment Project No.1 and establishing a
Tax Increment Financing District and approving a tax increment financing plan therefor.
Voice vote was taken on the motion. Ayes - unanimous
Item 4
The Finance Director presented a proposed resolution approving Release of the Interest
Reduction Loan Agreement with Southfork Apartments Limited Partnership. He explained
that the Lakeville HRA established the Southfork Tax Increment Financing District in 1988 for
the purpose of providing financial incentives for affordable rental housing opportunities. The
developer is in the process of refinancing the property and will be repaying the interest rate
reduction loan to the Lakeville HRA. On or after April 30, 2014, the date of the refinancing, the
Lakeville HRA will receive $2.23 million from Southfork Apartments Limited Partnership as full
and final payment on the Interest Rate Reduction Loan.
Mr. Feller explained that, according to State Statute, the loan payment can be appropriated to
fund any of the HRA's authorized purposes, such as blight reduction, housing projects for low
HOUSING AND REDEVELOPMENT AUTHORITY
MEETING MINUTES
ApHI7, 2014
and moderate income housing and other urban renewal projects such as repair and
rehabilitation of buildings, reduction of traffic hazards or other land uses detrimental to the
public welfare, and acquisition of property to remove unhealthful, unsanitary or unsafe
conditions.
Motion was made by Swecker, seconded by Little to approve Resolution No. 14-03 approving
Release of the Interest Reduction Loan Agreement with Southfork Apartments Limited
Partnership.
Voice vote was taken on the motion. Ayes - unanimous
Motion was made by Swecker, seconded by Little to adjourn the HRA meeting.
Chair Anderson adjourned the meeting at 6:35 p.m.
Respectfully submitted,
rlene Friedges, City CI