2020-10-13 HRA Meeting MinutesMOUND HOUSING AND REDEVELOPMENT AUTHORITY
Tuesday October 13, 2020
The Mound Housing and Redevelopment Authority in and for the City of Mound, Minnesota, met in
regular session on Tuesday, October 13, 2020, at 6:55 p.m. in the Westonka Schools Performing Arts
Center.
Members present: Chair Ray Salazar, Jeff Bergquist, Phil Velsor, Sherrie Pugh and Paula Larson
Members absent: None
Others present: City Manager and Director of Public Works Eric Hoversten, Finance
Director/Clerk/Treasurer Catherine Pausche, City Engineer Brian Simmons,
Public Present: None
1. Open meeting
Chair Salazar called the meeting to order at 7:00 p.m.
2. Approve agenda
MOTION by Bergquist, seconded by Velsor, to approve the agenda. All voted in favor. Motion carried.
3. Approve minutes
MOTION by Larson, seconded by Velsor, to approve the minutes of the September 8, 2020 regular
meeting. All voted in favor. Motion carried.
4. Catherine Pausche, Director of Finance & Administrative Services, requesting action on a
resolution authorizin-q the partial call of certain outstanding bonds
Catherine Pausche stated Metroplains was the developer of Mound Marketplace and Village by the Bay
condos and townhomes, noting there is a subordinate note agreement with the original developer that
calls for surplus tax increment, or `TIF', to be split 50% to pay down the 2006 bonds and 50% to make
payments on the subordinate note. Pausche said once this $60K prepayment is made, surplus TIF of
$360K will have been paid out, noting this will continue through January of 2027 when the 2006 bonds
mature and the TIF District 1-2 decertifies.
MOTION by Bergquist, seconded by Velsor, to approve the following resolution. All voted in favor.
Motion carried.
RESOLUTION NO. 20-02H: RESOLUTION AUTHORIZING THE PARTIAL RECALL OF CERTAIN
OUTSTANDING BONDS
5. Adiourn
MOTION by Larson, seconded by Velsor,
Motion carried.
Attest: Catherine Pausche, Clerk
to adjourn at 7:04 p.m. All voted in favor.
Chair Raymond J. Salazar