HomeMy WebLinkAbout03-02-87CITY OF LAKEVILLE
HOUSING AND REDEVELOPMENT AUTHORITY MEETING
MARCH 2, 1987
The meeting was called to order at 6:40 p.m. by Chairperson Nancy
Enright. Roll call was taken. Present: Commissioners: Nelson,
Zaun, Sindt and Chairperson Enright. Absent: Commissioner Harvey.
Also present: Patrick McGarvey, Executive Director.
87.10 Motion was made by Sindt, seconded by Zaun to approve the minutes of
the February 17, 1987, H.R.A. meeting.
Roll call was taken on the motion. Ayes, Zaun, Enright, Sindt,
Nelson.
The Executive Director advised the commissioners that the Dallas
Development Company was not prepared to enter into a development
contract with the H.R.A. for the economic development of the Power
Center district due to the fact that they had not secured a lease with
a family restaurant for that portion of the project. He also ex-
plained that the developer was not satisfied with the requirements of
the City concerning a letter of credit and financial security for the
life of the bond payment schedule due to the fact that letters of
credit reduce their line of credit at their bank.
The commissioners indicated that unless a developer is ready and
willing to meet the financial security requirements and guarantee the
payment of the property taxes the entire rate of the bond payment
schedule, the City is not willing to participate in a tax increment
financing district or plan.
87.11 Motion was made by Sindt, seconded by Nelson to table, until the time
that we have a developer who is ready and willing to meet the finan-
cial requirements of the City, adopting resolution approving the
economic development plan and tax increment financing plan for the
Power Center district.
Roll call was taken on the motion. Ayes, Enright, Sindt, Nelson,
Zaun.
At this time, Chairperson Enright re- opened the public hearing on the
Power Center economic development district. The Executive Director
attested to the legal notice for the original opening of the public
hearing.
87.12 Motion was made by Sindt, seconded by Nelson to continue the public
hearing until such time as the City has a developer who can meet the
terms of the City for participation in the economic development
district and tax increment financing plan.
HOUSING AND REDEVELOPMENT AUTHORITY MEETING
MARCH 2, 1987
Roll call was taken on the motion. Ayes, Sindt, Nelson, Zaun,
Enright.
Commissioner Nelson asked about possibly involving the H.R.A. in
redeveloping and cleaning up the housing area along the east side of
Highway 50 just to the southeast of Southfork Center and SouthFork
apartment project. The Executive Director explained that the matter
had been discussed with Mark Ulfers of the Dakota County H.R.A., and
that if progress is not made in providing a sufficient tax increment
and then arriving at a negotiated satisfactory purchase of the Windsor
Grain silos in the central business district area of Lakeville, the
1987 community development block grant funding the City will be
receiving through the Dakota County H.R.A. from the federal government
could and should be transferred to hopefully redeveloping this area.
87.13 Motion was made by Sindt, seconded by Nelson to adjourn the H.R.A.
meeting.
Roll call was taken on the motion. Ayes, Nelson, Zaun, Sindt,
Enright. Time: 6:55 p.m.
Respectfully subm}#ted,
atrick E. McGarvey;xecutiv,/birector
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