HRA Minutes

November 1, 2011

A regular meeting of the Hopkins Housing and Redevelopment Authority was held November 1, 2011, at Hopkins City Hall. Present were Chairman Eugene Maxwell and Commissioners Rick Brausen, Kristi Halverson, Bruce Rowan and Cheryl Youakim. Also present were Executive Director Mike Mornson, Assistant Executive Director Kersten Elverum, City Attorney Jerry Steiner and HRA Attorney Robert Deike.

  1. Call to Order
    The meeting was called to order at 7:30 p.m.
  2. Open Agenda - Public Comments
    No one from the public came forward to speak.
  3. Consent Agenda
    1. Approve minutes of the October 4, 2011, regular meeting
    2. Approve disbursements through October 31, 2011
    3. ITEM HRA 2011-16 Decertification of Tax Increment Financing District 1-3, Resolution 481

      Commissioner Rowan moved, Commissioner Halverson seconded, to approve the consent agenda. The motion was approved unanimously.
  4. New Business
    1. ITEM HRA 2011-17 Phase Note and Coverage Note for Cargill,
      Excelsior Crossings

      Ms. Elverum gave an overview of this item and explained that the HRA had agreed to provide TIF assistance to Phase III of Excelsior Crossings that was not fully supported by the TIF note previously approved by the HRA. The notes presented will be paid from excess tax increment and funds remaining in the reserve account, if available. This transaction was contemplated and approved through the Redevelopment Agreement.

      Robert Deike, attorney for the HRA, drafted the notes and confirmed that they conform to the Agreement.

      Commissioner Brausen moved, Commissioner Halverson seconded, to approve Resolution 482 authorizing the issuance of Phase Note and Coverage Note to Cargill Incorporated for the Excelsior Crossings project. The motion was approved
      unanimously.
  5. Adjournment
    Commissioner Brausen moved, Commissioner Halverson seconded, to adjourn the meeting. The motion was approved unanimously. The meeting adjourned at 7:35 p.m.