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• <br /> MINUTES <br /> OF THE EDINA HOUSING AND REDEVELOPMENT AUTHORITY <br /> OCTOBER 7, 1991 <br /> ROLLCALL Answering rollcall were Commissioners Kelly, Paulus, Rice and <br /> Richards. <br /> CONSENT AGENDA ITEMS ADOPTED Motion vas made by Commissioner Kelly and vas <br /> seconded by Commissioner Rice to approve BRA Consent Agenda items as <br /> presented. <br /> Rollcall: <br /> Ayes: Kelly, Paulus, Rice, Richards <br /> Motion carried. <br /> *MINUTES OF THE MEETING OF SEPTEMBER 23. 1991, APPROVED Motion vas made by <br /> Commissioner Kelly and vas seconded by Commissioner Rice to approve BRA <br /> Minutes of September 23, 1991. <br /> Motion carried on rollcall vote, four ayes. <br /> RESOLUTION ADOPTED AUTHORIZING AMENDMENT OF ASSESSMENT AGREEMENT - CENTENNIAL <br /> LASES CONDOMINIUMS Executive Director Hughes indicated that all properties in <br /> Centennial Lakes and Edinborough are subject to assessment agreements. The <br /> agreements establish a minimum market value for property tax purposes with <br /> • respect to each property. The owner of each property subject to an assessment <br /> agreement cannot appeal, either administratively or judicially, for a <br /> reduction in the market value of the property below the minimum established by <br /> the assessment agreement. The City Assessor is free to value property above <br /> the amount specified in the assessment agreement. However, the property owner <br /> may appeal such a valuation but not to a point below the base value of the <br /> agreement. <br /> Assessment agreements are one of the tools used by the HRA to "guarantee" the <br /> generation of tax increments in amounts sufficient to retire the bonds. In <br /> the case of Edinborough, the assessment agreements provided that the minimum <br /> market value for the Edinborough Corporate Center and the Edinborough Park <br /> Plaza would increase for a period of five years at the annual rate of three <br /> percent. Although the Edinborough Condominiums established a minimum market <br /> value, no annual escalator was provided in the assessment agreement due to the <br /> concern that such an escalator could chill sales of individual condominium <br /> units. In the case of Centennial Lakes, an annual increase of three percent <br /> was provided in the assessment agreements for all properties including the <br /> Centennial Lakes Condominiums. This three percent increase was not limited to <br /> five years, as is the case at Edinborough, but rather until all bonds were <br /> repaid for the development, i.e. , approximately twenty years. <br /> Jonathan Scoll, attorney for the Centennial Lakes Housing Partnership, has <br /> requested that the annual three percent escalator clause be removed from the <br /> assessment agreements relative to the Centennial Lakes Condominiums. <br /> Apparently the escalator clause has been the subject of concern by the buyers <br /> • of the Centennial Lakes Condominiums, especially the higher priced units. <br />