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HomeMy WebLinkAbout06-18-01 i A , CITY OF LAKEVILLE HOUSING AND REDEVELOPMENT AUTHORITY MEETING JUNE 18, 2001 The meeting was called to order at 6:50 PM by Chair Luick. Roll call was taken. Present: Commissioners Bellows, Johnson, Luick, Mulvihill and Rieb. Also present: Robert A. Erickson, Executive Director; D. Feller, .Finance Director; J. Hawkins, Deputy Clerk. MINUTES The minutes of the March 19, 2001 HRA meeting were discussed. Chair Luick pointed out that Commissioner Johnson had seconded the Motion 01.03. The minutes were approved as amended. • ITEM 3 Finance Director Dennis Feller stated that stated that the City Attorney, Bond Attorney and City staff are recommending approval of a resolution approving a Tax Increment Revenue Note with Lakeville Five, Inc. The Lakeville HRA had approved a Tax Increment Plan modification for TIF District #3 in 1998, whereby Lakeville Five, LLC would receive tax increment proceeds from the district to provide land write-down for the Heritage Commons retail development. The City Council approved a Redevelopment Agreement with Lakeville Five, Inc. and Aurora Investment, LLC on February 17, 1998 whereby Tax Increment Revenue Note payments would commence upon substantial completion of the on-site improvements. The proposed Note reflects a modification to the Redevelopment Agreement, with the City receiving advanced payment of $128,002 from TIF District #3 proceeds for the County Road 50 improvements by February 1, 2002. Previously, the Redevelopment Agreement provided for the repayment of the CR 50 project over a 14-year period; however, Lakeville Five agreed to advance reimbursement to the City as a result of Aurora Investments, LLC not completing construction of Heritage Drive from Iberia Avenue to Dodd Boulevard by November 1, 1999. The City Council is being asked to consider a resolution authorizing execution of the Note. Housing and ,Redevelopment Authority Meeting June 18, 2001 . Page -2- 01.04 Motion was made by Johnson, seconded by Bellows, to recommend City. Council approval of Resolution No. 01-4 approving issuance of a Tax Increment Revenue Note by the City of Lakeville and approving a related Tax Increment Pledge Agreement for Heritage Commons. Roll call was taken on the motion. Ayes: Mulvihill, Rieb, Luick, Bellows, and Johnson. There being no further business, the meeting adjourned at 7:00 PM. Respectfully submitted, iv~ Ju ith R. Hawkins, Deputy Clerk • David Luick Chair •