HomeMy WebLinkAbout1996-12-02 HRA Regular Meeting • MINUTES
OF THE HOUSING AND REDEVELOPMENT AUTHORITY
HELD AT CITY HALL
DECEMBER 2, 1996
ROLLCALL Answering rollcall were Commissioners Kelly, Maetzold, Paulus, smith and
Chairman Richards.
CONSENT AGENDA ITEMS APPROVED Motion of Commissioner Kelly and seconded
by Commissioner Smith approving the HRA Consent Agenda as presented.
Rolicall:
Ayes: Kelly, Maetzold, Paulus, Smith, Richards
Motion carried.
*MINUTES OF HRA MEETING OF NOVEMBER 18, 1996, APPROVED Motion of
Commissioner Kelly and seconded by Commissioner Smith approving the Minutes
of the HRA Meeting of November 18, 1996.
Motion carried on rollcall vote - five ayes.
AMENDMENT TO TAX INCREMENT FINANCING AGREEMENT FOR CENTENNIAL
LAKES APPROVED Executive Director Hughes reported that last July the HRA entered
• into a Tax Increment Financing Agreement with respect to the Phase I Centennial Lakes
Office Building. This Agreement provided 25% of the tax increments received from this
office building would be returned to the developer. Under the terms of the Agreement, the
developer was required to use such payments only to pay financial inducements to
prospective tenants of the office building.
The developer, United Properties, is requesting that this Agreement be amended to permit
tax increments to be used to reimburse the developer for project related expenses. A letter
from Brian Carey was presented summarizing the issue and included recommended
language for the Amendment.
The proposed Amendment, in staffs opinion, does not alter the amount of tax increment
financing assistance being directed to this project by the HRA. In staffs view, it is
immaterial to the HRA if this assistance issued to provide tenant inducements or to
reimburse the developer for project related costs. Staff recommended approval of the
Amendment.
Brian Carey from United Properties gave an overview of the proposed revisions to the July
1, 1996, Agreement stating the change will clarify the document. Section 5.2 states the
Redeveloper agrees to use the assistance only to provide financial inducements to tenants
in the building. Further into the section it is stated the assistance is being made to
reimburse the Redeveloper for costs of acquisition of the property, grading and other site
• improvements. Additional language confirms that the reimbursement of these qualifying
costs are also a permitted use of the funds.
The purpose of the language change, according to Mr. Carey, will also serve to make it
clear that the Redeveloper may expend capital for these qualifying costs and tenant
inducements "up-front" even though the TIF benefits will be paid out over time.
Following a Council discussion, Commissioner Maetzold made a motion to execute the
revised Amendment to Tax Increment Financing Agreement for Centennial Lakes as
proposed. Commissioner Kelly seconded the motion.
Rollcall:
Ayes: Kelly, Maetzold, Paulus, Smith, Richards
Motion carried.
CLAIMS PAID Commissioner Kelly made a motion to approve payment of the HRA
claims as shown in detail on the Check Register dated November 27, 1996, and
consisting of one page totaling $20,289.65. Commissioner Smith seconded the motion.
Rollcall:
Ayes: Kelly, Maetzold, Paulus, Smith, Richards
Motion carried.
There being no further business on the HRA Agenda, Chairman Richards declared the
meeting adjourned.
Executive Director
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