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1987 02 19HOUSING AND REDEVELOPMENT AUTHORITY FEBRUARY 19, 1987 CALL TO ORDER: Vice-Chairman Horn called the meeting to order at 7:30 p.m. Members present: Horn, Swenson, Robbins and Bohn. Chairman Whitehill was absent. Also present were Barbara Dacy, City Planner and Todd Gerhardt, Administrative Assistant. APPROVAL OF MINUTES: Motion by Bohn, seconded by Swenson to approve the January 15, 1987, minutes as written. All voted in favor and the motion carried. CHANHASSEN MALL LAND SALE~ PUBLIC HEARING: Gerhardt explained that State law requires the HRA to hold a public hearing before the sale of any land owned by the HRA. Gerhardt asked John Dean from the LeFevere Law Firm to review the proposed option agreement. Mr. Dean explained each of the dif- ferent properties that would be involved with the option agreement and their status of ownership. Dean then further explained the different options within the agreement and the pro- cedure entered into each of the options with CHADDA. Swenson asked how long CHADDA will have before they make a decision to go ahead with acquisition, if the HRA has determined not to go ahead with the community center. Dean explained that after the HRA has. determined not to build a community center, CHADDA would then have three years from the date of the option agreement to exer- cise their option to acquire the property. However, if the HRA, at any time following 19 years from the date of the option agreement, receives a proposal from a third party for development to occur on either Parcel A, B, C or any combination thereof, CHADDA would have 60 days from receipt of notification to exer- cise its option with regard to such parcels. Dean went on to explain the areas which still needs to be worked on, such as establishing the parameters for Parcel E and its location. The option agreement should also be reviewed by the City Manager, Don Ashworth, checking dates and the clarity of agreement. Vice-Chairman Horn moved to close the public hearing on the Chanhassen Mall land sale. Motion seconded by Swenson. All voted in favor and motion carried. Swenson moved to approve the Option Agreement dated February 18, 1987, on the conditions that on page 9, item 3c read that the closing occur within sixty days, that in the approving resolu- tion (~87-02) that romanette iii be changed to include review by the Chairman, and that the determination of lot size E be equal to the square footage of Parcel A. All voted in favor with the exception of Bohn who was opposed to the agreement. Motion carried. Bohn felt the property would be tied up too long. REDEVELOPMENT/TIF PLAN - ADOPTION: Dacy explained the process of adopting the redevelopment and TIF Plan. Dacy further explained that Fred Hoisington, Hoisington Group, Inc., and Ron Batty from LeFevere, Lefler, Kennedy, O'Brien and Drawz had prepared the amended Redevelopment and Tax Increment Financing Plan HRA MINUTES FEBRUARY 19, 1987 PAGE 2 (Modification No. 7). Hoisington started by explaining the background of the plan and the changes that have occurred in pre- vious plan amendments over the years. Batty then explained the statutory authority and objectives of the plan. Batty also noted changes on page 35, correcting the total assessed values of sites within the Housing and Retail West projects from $872,420 to $1,070,420. Motion by Robbins, seconded by Bohn to approve the Redevelopment and Tax Increment Financing Plan (Resolution No. 87-03) - with the revisions noted above. All voted in favor and the motion carried. ~EVELOPMENT CONTRACTz RETAIL WEST AND HOUSING: Gerhardt explained that due to the number of changes in the contract, completion of the contract has taken longer than anticipated. John Dean from the LeFevere Law Firm will be sending copies to each of the Commissioners for their review when the final draft is completed. BUSIN~ PROPOSALS: The Commission reviewed a proposal by the City Manager to amend the 1987 Budget to include aerial pho- tography to be used in business proposals for prospective busi- nesses thinking about locating in Chanhassen. Motion by Swenson, seconded by Bohn to approve Resolution No. 87-04 to amend the 1987 budget as proposed. All voted in favor and the motion carried. APPROVAL OF BILLS: Swenson moved, seconded by Bohn that the bills be approved as submitted. All voted in favor and the motion carried. ADJOURNMENT: Swenson moved, seconded by Bohn to adjourn the meeting at 9:20 p.m. All voted in favor and the motion carried. Prepared by: Todd Gerhardt Administrative Assistant