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CITY OF LAKEVILLE
HOUSING AND REDEVELOPMENT AUTHORITY MEETING
NOVEMBER 20, 2000
City Attorney Roger Knutson administered the oath of office to
Commissioner Mark Bellows.
Vice Chair Luick called the meeting to order at 8:45 p.m. Roll
call was taken. Present: Commissioners Bellows, Sindt,
Mulvihill, and Luick. Absent' Commissioner Zaun.
Also present: R. Erickson, Executive Director; R. Knutson, City
Attorney; A. Grossing, Community 8v Economic Development
Director; D. Feller, Finance Director; C. Friedges, City Clerk.
MINUTES
The minutes of the September 18, 2000 H.R.A. meeting were
approved as presented..
ITEM 3
• Mr. Feller resented a resolution a roving an amendment to the
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Southfork Tax Increment Interest Rate Reduction Loan
Agreement. He explained that Healey Ramme Corporation, d.b.a.
Southfork Apartments, is pursuing the refinancing of the multi-
family mortgage ,revenue refunding bonds, series 1988. As part
of the refinancing, Healey Ramme has requested that the Interest
Reduction Loan Agreement, which has a balloon payment due in
2018, be extended to 2032 with interest. Healey Ramme has
agreed to provide a minimum $400,000 pre-payment, up to a
maximum $500,000 loan, at the time of closing. By negotiating
this advance payment in exchange for extending the maturity of
the interest rate reduction loan, the City can appropriate the
proceeds toward the acquisition and renovation of the .former. All
Saints Campus (Hart Hall) into an arts center.. The proceeds
from the loan prepayment would be available on or about
December 20~, prior to awarding the bids for the remodeling of
Hart Hall.
00.11 Motion was made by Sindt, seconded by Mulvihill to approve
Resolution No. 00-6 approving an amendment to Interest
• Reduction Loan Agreement and appropriating certain monies
received pursuant thereto.
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Roll call was taken on the motion. Ayes, Bellows, Sindt,
Mulvihill, Luick.
ITEM 4
Mr. Feller presented a resolution approving the decertification of
Tax Increment Financing District No. 15, Century Refining. He
explained that all terms and conditions of the Redevelopment
Contract and Tax Increment Financing Plan with Century
Refining have been successfully completed.
00.12 Motion was made by Mulvihill, seconded by Sindt to approve
Resolution No. 00-7 approving the decertification by the Housing
and Redevelopment Authority in and for the City of Lakeville of
its Tax Increment Financing District No. 15 (Century Refining).
Roll call was taken on the motion. Ayes, Siridt, Mulvihill, Luick,
Bellows.
There being no further business, Vice Chair Luick adjourned the
meeting at 8:53 p.m.
• Respectfully submitted,
Charlene Friedges, City rk
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David Luick, Vice hair