2008-04-22
PLEASE TURN OFF CELL PHONES & PAGERS IN COUNCIL CHAMBERS.
~I~
AGENDA
----
MOUND HtJUS1NG & :REDEVELOPMENT AUTHORITY
REGULAR MEETING
TUESDAY, APRIL 22,.2008 -"7:00 PM
MOUND CITY COUNCIL CHAMBERS
Page
1. Open meeting
2. Action approving agenda, with any amendments
3. Action approving minutes: April 8, 2008 -Regular Meeting 1
4. Indian Knoll Manor Manager's Monthly Report 2-12
5. Consideration/action on Option Agreement for property located at
5575 Shoreline Drive
(Note: HRA may close this portion of the meeting pursuant to
Minnesota Open Meeting Law)
6. Consideration/action on Addendum to Contract for Private 13-17
Redevelopment with MHIZD
7. Adjourn
,~--
MOUND HOUSING AND REDEVELOPMENT AUTHORITY
APRIL 8, 2008
The Housing and Redevelopment Authority in and for the City of Mound, Minnesota, met
in regular session on Tuesday, April 8, 2008, at 7:15 p.m. in the Council Chambers of
city hall.
Members present: Chairperson Mark Hanus; Commissioners David Osmek, Mike
Specht, John Beise and Greg Skinner
Members absent: None.
Others present: City Attorney John Dean, City Manager Kandis Hanson, City Clerk
Bonnie Ritter,
1. Open meeting
Chair Hanus called the meeting to order at 7:15 p.m.
2. Approve agenda
Kandis removed Item 4, to be considered at a subsequent meeting.
MOTION by Osmek, seconded by Specht, to approve the agenda as amended. All
voted in favor. Motion carried.
3. Approve minutes
~"~ MOTION by Osmek, seconded by Beise to approve the minutes of March 25, 2008. The
following voted in favor: Specht, Hanus, Beise and Skinner. The following voted against:
None. Specht abstained from voting because he was absent from that meeting. Motion
carried.
4. (removed)
5. Ad'ourn
MOTION by Osmek, seconded by Specht to adjourn at 7:16 p.m. All voted in favor.
Motion carried.
Chair Mark Hanus
Attest: Bonnie Ritter, City Clerk
r'~
-1-
MOUND HRA
INDIAN KNOLL APARTMENTS
PROPERTY MANAGER'S MONTHLY REPORT
April 22, 2008
Manager's Agenda
• March Bank Statement
• March Income Statement -
• Review of bills paid
* Managers Report
-2-
I~~~~IV~~
WELLS FARGO BANK, N.A
~$1pGEDALE OFFICE
ST OFFICE BOX B 514
1NEAPOLIS, MN 55479
A~'~ -- ~ ~OE~~
Page 1 of 3
Account Number:
Statement Period:
Image Count;
1066 ~C0300)
0 0-0033530
Mar 1, 2008-
Mar 31, 2008
28
~I~I~~I~I~~~II~.II~~~1~~1~~~11~11~~~~1~11~.~I~I~~I~,~II~II~~
HOUSING & REDEVELOPMENT AUTHORITY
SPECIAL ACCUUNT
CITY OF MDUND
FINANCE DIRECTOR
5341 MAYWOOD RD
MOUND MN 55364-1627
If you have any questions about this statement or your accounts, call: 800-225-5935 (1-800-CALL-WELLS)
'our Accounts at a Glance
Accounf Beginning Deposits/ Withdrawals/ Ending
Type Balance Credits Debits Balance
Basic Business Checking with Interest 36,172.03 15,397.04 - 16,295.37 35,273.70
000-0033530
ews from Wells Fargo
,--~ N
'OmP,day, l'II maP out' m~ re~iremen~:
~ Too~ar~, calculating your R5151Nscore is your first step in the right
direction toward planning your retirement.
ur R51 score is a powerful tool that estimates how far you've come toward your retirement goals. To learn your
score, visit wellsfargo.com/rsi, then visit a banker or call 877-384-7380 to create your Retirement Action Plan:"
3sic Business Checking with Interest 000-0033530
Housing & Redevelopment Authority
Special Account
Feb 29 Beginning Balance 36,172.03•
Mar 31 Ending Balance 35,273.70
Deposits and Credits ------------------------------------------------------------------------------------ --------------------------------
Posted
Date Transacfion Detail Amount
Mar 06 Deposit 3,713.10
Mar O6 Deposit 3
601:00'
Mar 06 Deposit ,
1
086
00
Mar 13 Deposit ,
.
907
00'
Mar 17 Hud Treas 303 Misc Pay 031708 410962421860103 .
RMT*VV*099201149********hud Operating Fund MN0740 5
000
00'
---, Mar 24 Deposit ,
.
1 088:50/
Mar 31 Interest Payment 144
ntinued on next page
-3-
Housing & Redevelopment Authorify
Special Account
Checks Paid
Page 2 of 3 ~
1067
Account Number: 000-0033530
Sfafement End Date: 03!31/08
Check # Date .Amount Check # Date Amount
2896 Mar 04 ~ 944.37 2913 Mar 19 54.3a
2898 " Mar f0 232.65 2914 + Mar 26' ~ 58.OQ,.
2899 Mar 04 885.13 2915 Mar 17 209.81
2900 Mar 03 209.81 2916 Mar 17 145.Q0
2901 Mar 05 84.95 2917 Mar 18 61.00
2902 Mar 03 287.55 2918 Mar 19 953A3
2904 '+ Mar 07 850.00/ 2919 + Mar 24 47.92
2905 Mar 19 1,710.16 2920 Mar 17 59.00
2906 Mar 19 103.00 2921 Mar 19 357.67
2908 Mar 20 100.78 2923 `+ Mar 14 3,397.19
2909 Mar 18~ ~ 1,837.00 2924 Mar 20 1,533.93
2910 Mar 19 80.00 2928 Mar 31 46.90
2911 Mar 18 35.70 2930 Mar 25 478.92
2912 Mar 20 315.63 2932 Mar 31 1,215.94
"Gap in Check Sequence
+ Item converfed fo substitute check
Daily Balance Summary ------------------------------------------------------------------------------------------------------------------------
Date Balance
Feb 29 36,172.03
Mar 03 35,674.67
Mar 04 33,845.17
Mar 05 33, 760.22
Mar O6 42,160.32
Mar 07 41,310.32
Mar 10 41,077.67
Mar 13 41,984.67
Mar 14 38,587.48
Average Collecfed Balance $
Interest Summary ----------------------------------------
Annual Percentage Yield Earned This Period
Interest Earned During This Period
Year to Dafe Interest and Bonuses Paid
Total Interest and Bonuses Earned In 2007
Date Balance
Mar 17 43,173.67
Mar 18 41,239.97
Mar 19 37,981.78
Mar 20 36,031.44
Mar 24 37,072.02
Mar 25 36,593.10
Mar 26 36,535.10
Mar 31 35,273.70
37,876.01
?ffective April 9, 2006, the tollawing Miscellaneous Fee WIf1 change,
:becks, Money Orders, CoinlCurrency:
Coin Deposited (Mixed Bag), $6.50 a bag
'or Your Interest
0.04
9.44
9.01
51.45
hank you for banking with Wells Fargo.
-4-
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-6-
Mound MN Housing Authority
2020 Commerce Blvd
Mound, MN 55364-1577
As OF
March 31.2008
BALANCE SHEET
ASSETS ,
111101 -Cash General Fund 27,027.14
111700 - Petty Cash 100.00
112200 - Tenants Accounts Receivable 3,859.70
112900 - City of Mound 910.11
116200 - General Fund Investments 1,867.81
121100 - Prepaid Insurance 3,764.48
129000 - Deferred Charges (42.15)
140002 - Development Cost 1,505,904.64
140003 - Development Cost Contra (2,335,815.55)
140005 - Accumlated Depreciation (2,031,043.28)
140007 - Buildings 1,642,970.53
140008 - Furniture,Equipment,Machines-Dwelling 37,373.95
140009 - Furniture,Equipment,Machines-Admin 17,493.01
140016 - Land Improvements 30,440.04
140017 - Building Improvements 717,844.70
140055 - Mod Cost Complete 829,910.91
140095 -Mod Cost Uncomplete 42,567.67
150600 -Mod Cost Uncomplete Contra (10,846.81)
TOTAL ASSETS 484.286.90
SURPLUS AND LIABILITIES
211100 -Accounts Payable Vendors & Contractors (129.64)
211400 - Tenants Security Deposits (9,883.00)
211410 -Tenants Pet Deposits (4,500.00)
211499 - Security Deposit Interest (640.47)
212900 - Notes Pay Levy Fund (40,000.00)
213700 - Payment in Lieu of Taxes (411.39)
213701 -PILOT Current Year (1,988.50)
280200 -Investments in Fixed Assets -Net (420,606.87)
280600 -Unrestricted Net Assets 38,457.96
Current Year Net Activity (44,584.99)
TOTAL SURPLUS AND LIABILITIES 1484.286.901
;~
Mound MN Housing Authority
2020 Commerce Blvd
Mound, MN 55364-1577
As Of
March 31, 2008
Statement of Operating Receipts & Expenditures
311000 - Dwelling Rental
312000 - Excess Utilities
Total Rental Income
361000 - Investment Interest/General Funds
369000 - Other Income
802000 - Operating Subsidy
Total Other Operating Receipts
Total Receipts
Expenses
411000 -Westport Payroll & Benefits
411045 -Employee Benefits Administrative
411200 -Manager Payrol(
413000- Legal Expense
414000 - Staff Training
415000 - Travel
417000 -Accounting Fees
417100 - Auditing Fees
419000 - Sundry-Administrative
419500 - Outside Management
Total Administrative Expense
422000 - Tenant Services
Total Tenant Services Expense
431000 - Water
432000 - Electricity
433000 - Gas
439000 - Other Utility Expense
439100 - Garbage Removal
Total Utilities Expense
441000 - Maintenance Labor
441045 -Employee Benefits Maintenance
442000 - Materials
443000 - Contract Costs
Total Maintenance Expense
,,
YTD Over
Current YTD Prorated (Under)
Activi Balance Budget Budget
(11,161.00) (66,935.34) (33,110.01) 33,825.33
0.00 (41.55) (189.9 (148.44
(11,161.00) (66,976.89) (33,300.00) (33,676.89)
(1.44) (22.28) (12.51) 9.77
(261.65) {2,456.65) (999.99) 1,456.66.
(5,000.00) (44,135.86) (22,661.76) 21,474.10
(5,263.09) (46,614.79) (23,674.26) (22,940.53)
(16,424.09) (113,591.68) (56,974.26) (56,617.42)
0.00 2,278.55 0.00 2,278.55
0.00 347.88 1, 922.49 (1, 574.61)
1,558.00 9,811.00 8,124.99 1,686.01
0.00 0.00 249.99 (249.99)
0.00 0.00 125.01 (125.01)
0.00 47.59 99.99 (52.40}
150.92 1,679.60 624.99 1,054.61
0.00 5,000.00 1,875.00 3,125.00
1,470.98 4,211.52 6,687.51 (2,475.99)
850.00 5,950.00 2,550.00 3,400.00
4,029.90 29,326.14 22,259.97 7,066.17
0.00 0.00
50.01 (50.01)
50.01 (50.01)
0.00 0.00
0.00 1,011.94 800.01 211.93
1,533.93 7,999.66 4,887.51 3,112.15
1,837.00 11,446,59 7,055.01 4,391.58
100.78 5,120.28 3,477.51 1,642.77
415.67 1,628.50 1,350.00 278.50
3,887.38 27,206.97 17,570.04 9,636.93
1,825.93 7,541.13 8,499.99 (958.86)
648.64 2,239.52 2,010.00 229.52
327.91 1, 960.65 1, 950.00 10.65
3,238.48 12,470.52 4,052.49 8,418.03
6,040.96 24,211.82 16,512.48 7,699.34
_g_
1
Mound MN Housing Authority
2020 Commerce Bivd
Mound, MN 55364-1577
As Of
March 31.2008
Statement of Operating Receipts & Expenditures
451000 - Insurance
452000 - Pmts In Lieu Of Taxes
457000 - Collection Loss
Total General Expense
Total Routine Expense
Total Nonroutine Expense
Total Expense
,-°-
YTD Over
Current YTD Prorated (Under)
Activity Balance Budget Budget .
919.63 4,639.37 3,050.01 1,589.36
363.68 1,988.50 786.51 1,201.99
0.00 (142.67) 0.00 (142.67)
1,283.31 _ 6,485.20 3,836.52 , 2,648.68
15,241.55 87,230.13 _ 60,229.02 27 001.11
0.00 0.00 0.00 0.00
15,241.55 87,230.13 60,229.02 27,001.11
3
-9-
INDIAN KNOLL MANOR
2020 COMMERCE BLVD
MOUND, MN 55364
PAID INVOICES SORTED BY VENDOR
FROM March 1, 2008 THROUGH March 31, 2008
April 16, 2008
PAGE: 1
VENDOR VENDOR CHECK ACCTG CHECK M INVOICE INVOICE CUMULATIVE
NUMBER
------- NAME
------------------------------- DATE
------------- DATE
---------- NUMBER
------------- S
----- NUMBER
------------------------ AMOUNT
------------ TOTAL
---------------
2 CINDY REITER 03-20-2008 MAR2006 2927 S 28718 90.68
2 CINDY REITER 03-10
-2008 MAR2008 2907 S fe/march phone 104.58
'~r1
U6ti%~~~~2- " ~~ _ a~ I
~~C``~ ~LV~ _ L
J~~~ ~ ~~O /
~~a
-------
----------~bin~- uc~,~ti-
__W~!(_v~l~~_loc6l TOTAL PAID
`
_vH._cv~.cPi`L'__ccw~Q,----------------- 195.26
------------ 195.26
----
3 PROGRAMMED MANAGEMENT CORP 03-10-2008 MAR2008 2919 S 7031321 47.92
TOTAL PAID 47.92
------------ 243.18
---------------
-------
6 -------------------------------
WESTPORT PROPERTIES INC -------------
03-03-2008 ----------
FEB2008 -------------
2904 -----
S ------------------------
02/08 mgmt fee 850.00
6 WESTPORT PROPERTIES INC 03-10-2008 MAR2008 2922 S feb reoccuring 57.10
TOTAL PAID 907.10
---
--
-- 1150.28
------------- -
- -----
7 -------------------------------
WESTPORT PROPERTIES PAYROLL -------------
03-10-2008 ----------
MAR2008 -------------
2923 -----
S ------------------------
3/15 payroll --
--
-
3397.19
7 WESTPORT PROPERTIES PAYROLL 03-26-2008 MAR2008 2934 S 3/31 payroll 1948.46
TOTAL PAID 5345.65
------------ 6495.93
---------------
-------
20 -------------------------------
XCEL ENERGY -------------
03-10-2008 ----------
MAR2008 -------------
2924 -----
S ------------------------
032108 1533.93
TOTAL PAID 1533.93
- 8029.86
---------------
-------
34 -------------------------------
HOME DEPOT CREDIT SERV-MOUND -------------
03-10-2008 ----------
MAR2008 -------------
2913 -----
S -----------------------
031608 ------------
54.33
TOTAL PAID 54.33
------------ 8084.19
---------------
-------
36 -------------------------------
STS FLOORING INC -------------
03-20-2008 ----------
MAR2008 -------------
2932 ----
S ------------------------
54107 -
1215.94
TOTAL PAID 1215.94
----------- 9300.13
---------------
-------
40 -------------------------------
HOME DEPOT SUPPLY -------------
03-20-2008 ---------
MAR2008 --------------
2928 ----
S ------------------------
42435893 --
46.90
TOTAL PAID 96.90
---------- 9347.03
---------------
-------
54 -------------------------------
RENTAL RESEARCH SERVICES, IN -------------
C.03-10-2008 ---------
MAR2008 --------------
2920 ----
S ------------------------
022908 ---
59.00
TOTAL PAID 59.00 9406.03
56 CenterPOint Energy 03-10-2008 MAR2008 2909 8 032008 430.00
56 CenterPOint Energy 03-10-2008 MAR2008 2909 S 032008-2 1407.00
-------
-------------------------------
-------------
---------
--------------
---- TOTAL PAID
------------------------ 1837.00
------------- 11243.03
----- --
_~0_
1
INDIAN KNOLL MANOR
2020 COMMERCE BLVD
MOUND, MN 55364
F^''
PAID INVOICES SORTED BY VENDOR
FROM March 1, 2008 THROUGH March 31, 2008
April 16, 2008
PAGE: 2
VENDOR VENDOR CHECK ACCTG CHECK M INVOICE INVOICE CUMULATIVE
NUMBER NAME DATE DATE NUMBER 5 NUMBER AMOUNT TOTAL
64 Peachtree Business Products 03-20-2008 MAR2008 2931 S P156664500018 75.00
TOTAL PAID 75.00 11318.03
92 CULLIGAN 03-10-2008 MAR2008 2906 S 9269300 100.78
TOTAL PAID 100.78 11418.81
95 B SYLVESTER, LLC 03-20-2008 MAR2008 2925 S 013108 68.20
95 B SYLVESTER, LLC 03-20-2008 MAR2008 2925 S 030108 136.90
95 B SYLVESTER, LLC 03-20-2008 MAR2006 2925 S 120107 -68.20
TOTAL PAID 136.40 11555.21
---------------------------------------------------------------------------------------------- - ----------------------------------
99 MINNESOTA ELEVATOR INC 03-10-2008 MAR2008 2915 5 134739 209.81
TOTAL PAID 209.81 11765.02
----------------------------------------------------------------------------------------------------------------------------------
101 C NABER and ASSOCIATES 03-10-2008 MAR2008 2906 S 41930 103.00
,~• ,
TOTAL PAID 103.00 11868.02
102 MOUND TRUE VALUE HARDWARE 03-10-2008 MAR2008 2917 S 033108 61.00
TOTAL PAID 61.00 11929.02
- - -------------------------------------------------------------------------------------- - ---------------------------------------
115 MN Dept of Labor & industry 03-10-2008 MAR2008 2916 S B42 351B0274321 145.00
TOTAL PAID 145,00 12074.02
----------'-------------------------------------'------------------------------------------------------------ - -------------------
125 IKON FINANCIAL SERVICE - LEASE03-20-2008 MAR2008 2929 S 75743479 138.65
TOTAL PAID 138.65 12212.67
----------------------------------------------------------------------------------------------------------------------------------
139 Sta-Safe locksmiths Co 03-20-2008 MAR2008 2933 S 015623 150.61
TOTAL PAID 150.61 12363.28
144 Concept Landscaping 03-10-2008 MAR2008 2910 S 4896 60.00
TOTAL PAID 80.00 12443.28
----------------------------------------------------------------------------------------------------------------------------------
205 HENNEPIN COUNTY TREASURER 03-26-2008 MAR2008 2935 S tax 3079.14
n ~ ~ ,~ / /a
+~,JC~~ I Y~L`VV ~ ~ ~~ N.q ..1T/~1,~ ~ TOTAL PAID 3079.14 15522.42
-r"-''-rr---- -------------------------'-'~-I 11/"`LLL F -------------------------------------------------------------------------------
_11_
INDIAN KNOLL MANOR
2020 COMMERCE BLVD
MOUND, MN 55369
PAID INVOICES SORTED BY VENDOR
FROM March 1, 2008 THROUGH March 31, 2008
April 16, 2008
PAGE: 3
VENDOR VENDOR CHECK ACCTG CHECK M INVOICE INVOICE CUMULATIVE
NUMBER NAME DATE DATE NUMBER S NUMBER AMOUNT TOTAL
90010 WASTE TECHNOLOGY INC 03-10-2006 MAR2008 2921 S 117892 357.67
TOTAL PAID 357.67 15880.09
----------------------------------------------------------------------------------------------------------------------------------
90012 JRS APPLIANCE DISPOSAL INC 03-10-2008 MAR2008 2914 S 60301 56.00
TOTAL PAID 58.00 15938.09
---------------------------------------------------------- -------------------- - -------------------------------------------------
90015~' JES~,S01CA1^SHEPHERD q ` 03-20-2.0/~.0/~8 MAR2008 2930 S frontier 3/05/08 478.92
f" ~ ~' 4iC, ~/ t ~ 6~' G/.~-K f L ~ ~ ~ ~ " ~ ~'~CJ~.. ~~i~.• TOTAL PAID 4 78.92 16417 . O 1
90036 Deluxe Business Checks 03-10-2008 MAR2008 2912 S 29040140 315.63
TOTAL PAID 315.63 16732.69
----------------------------------------------------------------------------------------------------------------------------------
90052 Bruce Nelson Plumbing 03-20-2008 MAR2008 2926 S 53279 1615.94
90052 Bruce Nelson Plumbing 03-10-2008 MAR2008 2905 S 53650 686.00
90052 Bruce Nelson Plumbing 03-10-2008 MAR2008 2905 S 53732 624.16
TOTAL PAID 3326.10 20056.74
----------------------------------------------------------------------------------------------------------------------------------
90057/ Customer Contact Sgervice~ 03-10-2008 MAR2008 2911 S 031108 35.70
(l j~n / fA ^ , „~ ~ -/(~„~ ~ / , )~ ~~ ~ ~(/~ (J~~~~ TOTAL PAID 35.70 20094 .44
90058 Managed Services 03-10-2008 MAR2008 2918 S W17205 953.03
TOTAL PAID 953.03 21047.47
----------------------------------------------------------------------------------------------------------------------------------
-~2-
5
MOUND HOUSING AND REDEVELOPMENT AUTHORITY
RESOLUTION NO. 08- H
APPROVING OPTION AGREEMENT FOR PROPERTY AT 5575 SHORELINE DRIVE
WHEREAS, the Mound Housing and Redevelopment Authority (HRA), has reviewed the
terms and provisions of a proposed Option Agreement for the property located at 5575
Shoreline Drive.
NOW THEREFORE, BE IT RESOLVED by the Housing and Redevelopment Authority in
and for the City of Mound, Minnesota hereby approves the Option Agreement by and
between the Mound Housing and Redevelopment Authority and the owner(s) of the
property located at 5575 Shoreline Drive and hereby authorizes the Chair and Executive
Director and her designees to execute said document(s).
Adopted by the HRA this 22"d day of April 2008.
Chair Mark Hanus
Attest: Kandis Hanson, Executive Director
HRA RESOLUTION NO.
RESOLUTION AUTHORIZING ADDENDUM TO
CONTRACT FOR PRIVATE DEVELOPMENT
WHEREAS, the Authority and the Redeveloper entered into a Contract for Private
Redevelopment dated March 22, 2005, and subsequently amended by First Amendment to
Contract for Private Redevelopment dated July 5, 2005 (collectively, the "Contract"); and
WHEREAS, it is the desire of the parties to enter into this Addendum in order to
address matters that have occurred since the amendment; and
WHEREAS, the Authority has reviewed the form of document entitled: Addendum
to Contract for Private Development, (attached hereto as Exhibit A) has received the
recommendations of staff regarding same and is fully informed as to its contend.
NOW THEREFORE BE IT RESOLVED by the Authority as follows
1. The Addendum is, in all respects hereby approved.
2. The Executive Director and Authority Chair are directed to execute the same
and to take all steps necessary to carry out the obligations of the Authority
thereunder.
Adopted by the Housing and Redevelopment Authority in and for the City of Mound,
Minnesota this 22°d day of April, 2008
Mark Hanus
Chair
ATTEST:
Bonnie Ritter, Clerk
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5341 Maywood Road
Mound, MN 55364 '
(951) 471.3190 ' . ~ . ~ ~ ~ ~. ~ . ,
Memorandum
To: Mound HRA
From: Sarah Smith, Comm. Dev. Director
Date: April 17, 2008
Re: Addendum to Contract for Private Development with MHR
For review and consideration by the Mound HRA, a proposed addendum to the
Contract for Private Development with MHR has been prepared. Staff will
provide further comment on this matter at the meeting. Members are advised
that the proposed draft is under review by MHR.
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4/ 14/08
ADDENDUM
TO
CONTRACT FOR PRIVATE DEVELOPMENT
THIS ADDENDUM is made and entered into as of the _ day of , 200$
by and between the Housing and Redevelopment Authority in and for the City of Mound,
Minnesota, a public body corporate and politic (the "Authority") and Mound Harbor
Renaissance Development, LLC, a Minnesota limited liability company, (the"Redeveloper")
RECITALS
WHEREAS, the Authority and the Redeveloper entered into a Contract for Private
Redevelopment dated March 22, 2005, and subsequently amended by First Amendment to
Contract for Private Redevelopment dated July 5, 2005 (collectively, the "Contract"); and
WHEREAS, it is the desire of the parties to enter into this Addendum in order to
address matters that have occurred since the amendment.
NOW THEREFORE, in consideration of the premises and mutual obligations of
the parties hereto, the parties hereby agree as follows:
Section 1. Scope and Intent of Addendum. The provisions of this Addendum are
intended to replace and supersede any provisions in the Contract inconsistent with the
provisions herein; but that otherwise, the Contract is to remain in full force and effect
according to its terms.
Section 2. Phase I Commencement and Completion of Minimum Improvements.
1. The parties acknowledge that construction of the Phase I Minimum
Improvements was commenced in a timely manner and in
accordance with the provisions of the Contract.
2. The time limits for completion of construction of the Phase I
Minimum Improvements are hereby released.
3. The Redeveloper agrees that it will continue with its efforts to
complete construction of the Phase I Minimum Improvements as
soon as reasonably possible.
Section 3. Phase II Commencement and Completion of Minimum Improvements.
1. Construction of the Phase II Minimum Improvements will be done in stages.
The first stage, Stage I will involve the construction of a mixed use structure
located at the East end of Phase II. Construction of Stage I must commence
331796v1 JBD MU195-15
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not later than June 30, 2010, and be completed not later than 15 months after
'""' commencement.
2. Construction of Stage II of Phase II (Stage II may include all or part of Phase
II lying west of Stage I) must be commenced not later than two years after
commencement of Stage I, and be completed not later than 15 months after
commencement.
3. Construction of Stage III of Phase II (Stage III will include all of Phase II not
covered by Stages I and II) will commence not later than two years after
commencement of Stage II, and be completed not later than 15 months after
commencement.
4. If the Redeveloper fails to commence or complete construction of Stage I
within the time limits contained in 1 above, the Authority may terminate the
Contract as it pertains to the rights and obligations of Redeveloper to
construct the Phase II Minimum Improvements.
5. If the Redeveloper commences and completes the Stage I Minimum
Improvements within the time limits contained above, but fails to continence
or complete the Stage II Minimum Improvements within the time limits
contained in 2 above, the Authority may terminate the Contract as it pertains
to the rights and obligations of the Redeveloper to construct the Stage II and
;"' III Minimum Improvements.
6. If the Redeveloper commences and completes the Stage II Minimum
Improvements within the time limits contained above, but fails to commence
or complete the Stage III Minimum Improvements within the time limits
contained in 3 above, the Authority may terminate the Contract as it pertains
to the rights and obligations of the Redeveloper to construct the Stage III
Minimum Improvements.
Section 4. Phase III Right to Assign. Redeveloper hereby agrees that, unless it has
commenced construction on the Phase III Minimum Improvements, it will transfer and
assign its right title and interest in and to the development of Phase III to any entity
designated and approved by the Authority for that purpose. Until such designation is made,
the Redeveloper may continue to review and act on the redevelopment of Phase III.
Section 5. Phase III Commencement and Completion of Minimum Improvements.
Unless extended, construction of the Phase III Minimum Improvements will commence not
later than June 1, 2012, and be completed not later than June 1, 2014.
Section 6. 110 South Right of First Refusal Released. The Redeveloper hereby releases
and terminates the right of first refusal granted to the Redeveloper in Article IX of the
Contract.
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IN WITNESS WHEREOF, the parties have caused this Addendum to the Contract
for Private Redevelopment to be duly executed in each of their names and on their behalf on
or as of the date first above written.
Dated: , 2008
HOUSING AND REDEVELOPMENT
AUTHORITY IN AND FOR THE
CITY OF MOUND, MINNESOTA
By
Mark Hanus
Chair
By
Kandis M. Hanson
Executive Director
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Dated: , 2008
MOUND HARBOR RENAISSANCE
DEVELOPMENT, LLC,
By
David Newman
Chief Manager
By
Thomas A. Stokes
President
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