2002-06-25 CITY OF MOUND
HOUSING AN REDEVELOPMENT AUTHORITY
JUNE 25, 2002
The Housing and Redevelopment Authority of and for the City of Mound, Minnesota,
met in regular session on Tuesday, June 25, 2002, at 6:30 p.m. in the council chambers
of City Hall.
Members Present: Chairperson Pat Meisel, Commissioners Bob Brown, Mark Hanus,
David Osmek and Peter Meyer.
Others Present: City Attorney, John Dean; Executive Director, Kandis Hanson; City
Clerk, Bonnie Ritter; Sgt. John McKinley; Gene & Marilyn Hostetler, Jim Prosser
1. OPEN MEETING
Chairperson Meisel opened the meeting at 6:30 p.m.
2. APPROVE AGENDA
MOTION by Hanus, seconded by Meyer to approve the agenda as presented. All voted
in favor. Motion carried.
3. APPROVAL OF MINUTES
MOTION by Hanus, seconded by Brown to approve the minutes of the June 11,2002
regular meeting. All voted in favor. Motion carried.
4. DEVELOPMENT PROPOSAL BY GENE & MARILYN HOSTETLER
Gene and Marilyn Hostetler presented a development proposal for their commercial
property at 2426 Commerce Blvd. They would like to be able to develop their own
property rather than have it included in the South 110 Corridor development proposal by
Landform.
After discussion it was decided that Kandis Hanson will bring this matter up to Landform
at their meeting to be held June 27, informing them that Hostetler is interested in
developing his own property (Hostetler is a professional architect/designer) at 2426
Commerce Blvd. Report will be given back to the HRA.
5. FIRST AMENDMENT TO ASSIGNABLE OPTION TO PURCHASE LAND
City Attorney, John Dean, stated that this amendment with Rod Dietrich for the Post
Office land is a change in the way the land is to be paid for, and a reduced land
purchase price by $122,000, with Dietrich giving up the tax increment. This amendment
is in line with what was discussed at the last HRA meeting.
MOTION by Hanus, seconded by Brown to approve the First Amendment to Assignable
Option to Purchase Land with Rod Dietrich. All voted in favor. Motion carried.
HRA Minutes - June 25, 2002
6. RESOLUTION APPROVING REDEVELOPMENT PROJECT AREA AND PLAN
John Dean explained that the redevelopment project area designation is needed to
proceed with the lease/purchase of the public safety facility, and recommends approval.
MOTION by Osmek, seconded by Hanus to adopt the following resolution. All voted in
favor. Motion carried.
RESOLUTION NO. 02-07H: RESOLUTION APPROVING REDEVELOPMENT
PROJECT AREA AND PLAN
7. RECESS MEETING
Chairperson Meisel recessed the meeting at 7:02 p.m.
8. RECONVENE MEETING
Chairperson Meisel reconvened the meeting at 8:09 p.m.
9. REVENUE BOND RESOLUTION AUTHORIZING ISSUANCE OF BONDS AND
THE EXECUTION OF A GROUND LEASE AGREEMENT AND A MORTGAGF
Jim Prosser of Ehlers & Associates reviewed the bids received for the public safety
facility bonds. The Iow bidder is U.S. Bankcorp Piper Jaffray, with true interest rate of
4.6863%. The range of the five bids received was 4.6863% to 4.7834%. The rating
received for these bonds is AAA-MBIA insured. Total interest cost is $262,098 less
than estimated at pre-sale authorization, which results in an estimated impact on
taxpayer of approximately 14% less than projected.
MOTION by Hanus, seconded by Brown to adopt the following resolution. All voted in
favor. Motion carried.
RESOLUTION NO. 02-08H:
RESOLUTION AUTHORIZING THE ISSUANCE OF
$6,860,000 PUBLIC SAFETY BUILDING LEASE
REVENUE BONDS, SERIES 2002 (CITY OF MOUND,
MINNESOTA LEASE OBLIGATION) AND THE
EXECUTION AND DELIVERY OF A GROUND LEASE
AGREEMENT, A LEASE AGREEMENT AND A
MORTGAGE AND SECURITY AGREEMENT AND
INDENTURE OF TRUST IN CONNECTION THEREWITH
10. ADJOURN
MOTION by Hanus, seconded by Osmek to adjourn the meeting at 8:16 p.m. All voted
in favor. Motion carried.
Attbst: Executive Director, Kandis Hanson
'"Chairperson Pat Meisel
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