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269 MINUTES OF THE JOIJ!?T MEETING OF THE <br />EDINA HOUSING AND REDEVELOPWENT AlJTHORITY/CITY COUNCIL <br />HELD AT EDINA CITY HAIL <br />JULY 10, 1989 <br />A joint meeting of the Edina Housing and Redevelopment Authority and the City <br />Council was convened to consider concurrently: 1) Edina Homestead Development, and <br />2) Conveyance of Phase I11 - Centennial Lakes Condominiums. Action was taken by <br />the HEW and Council as recorded. <br />ROLLCAU Answering rollcall were Commissioners/Members Kelly, Paulus, Rice, Smith <br />and Richards. <br />MINUTES of the Joint HRA/CouncilMeeting of June 19, 1989 were approved as <br />submitted by motion of Commissionerflember Smith, seconded by Commissionerflember <br />Paulus . <br />Ayes: Kelly, Paulus, Rice, Smith, Richards <br />Motion carried. <br />EDINA HOWESTEAD DEVELOPWENT - RPI SERVICES <br />Rice and was seconded by Commissionerflember Smith to continue the public hearing <br />on final rezoning, final plat and tax increment financing assistance for Edina <br />Homestead Development to the meeting of August 7, 1989 as requested by the <br />proponents. <br />Motion was made by Commissionerflember <br />Ayes: Kelly, Paulus, Rice, Smith, Richards <br />Motion carried. <br />CONVEYANCE OF PHASE I11 - CENTENNIAL LAKES CONDOMRJIUMS AUTHORIZED Executive <br />Director Gordon Hughes stated that the condominium developer for Centennial Lakes, <br />Laukka Development, is requesting conveyance of the Phase I11 condominiums site <br />for development. The Phase I11 condominium building is proposed to be somewhat <br />different than Phases I and 11. Phase I11 will contain 42 condominium units <br />rather than 46 units as was the case with Phases I and 11. <br />be included that will serve 26 of the 42 units. This will be the first <br />condominium building served by an elevator in Centennial Lakes or Edinborough. <br />Also, an elevator will <br />Director Hughes said that the proposal for Phase I11 is apparently responsive to a <br />market segment covprised of older more affluent condominium purchasers. <br />principally to the elevator, the average sale price of the Phase I11 unit will be <br />approximately $98,800, compared to $90,100 for the Phase I1 condominium. <br />this increase, fewer units will be affordable to moderate income purchasers. <br />Based on the current policy of limiting second mortgages to units selling for <br />$90,000 or less, 11 units in Phase I11 will qualify for second mortgage <br />assistance, while 34 units in Phase I1 qualified for such assistance. Under the <br />developer's proposal, second mortgage funds that would normally be allocated to <br />Phase I11 will instead be allocated to other buildings in the project to assist <br />moderate income purchasers. <br />Due <br />Due to <br />The East Edina Housing Foundation has reviewed the proposal for Phase I11 and has <br />consented to the conveyance. <br />provide a desirable housing opportunity for a different segment of condominium <br />purchasers. <br />They felt that provision of an elevator would <br />Director Hughes stated that Larry Laukka, developer, would present preliminary <br />plans for Phase IV. The unit plans for Phase IV would be reconfigured to provide <br />substantially larger units and would be sold to more affluent purchasers. <br />anticipated that none of the units in Phase IV would be sold with second mortgage <br />assistance. In that this proposal for Phase IV departs from the original concept <br />of providing homeownership opportunities to moderate income people, direction is <br />being sought from the HRA concerning this proposal. If the HRA agrees with the <br />concept, the amount of financial assistance, if any, will have to be negotiated <br />with the developer. <br />It is