HomeMy WebLinkAbout1981-08-31 HRA Regular Meeting MINUTES
OF HOUSING AND REDEVELOPMENT AUTHORITY OF EDINA
AUGUST 31, 1981
7:00 P.M.
The Housing and Redevelopment Authority of Edina met at 7:00 p.m. in the Edina
City Council Chambers. Present were Members Bredesen, Richards, Turner and
Courtney.
MINUTES of August 17, 1981, were approved as submitted by motion of Member
Richards, seconded by Member Turner.
Ayes: Bredesen, Richards, Turner, Courtney
Nays: None
Motion carried.
WINFIELD DEVELOPMENTS, INC. , PROPERTY ACQUISITION AND BOND SALE AUTHORIZED. Mr.
Rosland recalled that, at the meeting of August 3, 1981, the H.R.A. had author-
ized the purchase of the Winfield property and advised that the resolution
adopted at that time is no longer effective because the agreement necessary to
buy the Winfield land has changed. He reviewed the new proposal to purchase
which has been approved in concept by Winfield: 1) The H.R.A. will buy the
property; 2) If the present redevelopment plan does not go thru in one year,
there will be two additional years to work out another redevelopment plan with
the Winfield group; 3) If no agreement is then reached, the H.R.A. could nego-
tiate with someone else but Winfield will have a right of first refusal for one
additional year; and 4) If Winfield and H.R.A. agree on a redevelopment plan
during the three year period, Winfield will be allowed to repurchase the pro-
perty at H.R.A. 's cost, plus its acquisition, holding and sale costs. Mr.
Erickson explained that any building must be done pursuant to the Redevelopment
Plan and pursuant to City Ordinances. Member Bredesen questioned the timing
for this project, since he believes that the development is not essential for
the City and inasmuch as private loans are difficult to obtain at this time.
Mr. Dalen explained that the City sells bonds only when it needs the money
and that, if interest rates are too high, the Council can reject the bids and
abandon the project. Stating that he believes that this is Edina's opportunity
to respond to the construction of low and moderate income housing as dictated
by the Metropolitan Council, Member Richards offered the following resolution
and moved its adoption:
RESOLUTION AUTHORIZING PURCHASE OF
WINFIELD DEVELOPMENTS, INC. , PROPERTY
BE IT RESOLVED that the Edina Housing and Redevelopment Authority does hereby
authorize purchase of the property described on Exhibit A hereto from Winfield
Developments, Inc. , for a cost not in excess of $4,500,000, on the basis of
the concept agreement presented by Mr. Rosland as authorized by other reso-
lutions of the Authority, or other negotiated terms, to be first approved by
this Authority, or by eminent domain if necessary.
Motion for adoption of the resolution was seconded by Member Turner.
Rollcall:
Ayes: Richards, Turner, Courtney
Nays: Bredesen
Resolution adopted.
Member Richards thereupon offered the following resolution and moved its
adoption:
RESOLUTION
BE IT RESOLVED that the Edina Housing and Redevelopment Authority does hereby
request that the City of Edina sell General Obligation Bonds in the amount of
$4,500,000 to enable the H.R.A. to acquire the property of Winfield Develop-
ments, Inc. , described on Exhibit A.
Motion for adoption of the resolution was seconded by Member Turner.
Rollcall:
Ayes: Richards, Turner, Courtney
Nays: Bredesen
Resolution adopted.
The Meeting adjourned at 7:15 p.m.
Res' fu submit ,
Gor on L. Hughes
Executive Director