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1981 12 17 '" Chanhassen Housing and Redevelopment Authority Regular Meeting December 17, 1981 Minutes ~ Call to Order The meeting was called to order at 7:30 p.m. by Chairman Gullickson. Present were Commissioners Gullickson, Born, and Bohn. Absent were Russell and Whitehill. Also present were Executive Director Scott Martin, Attorneys Russ Larson and Craig Mertz. Approval of Minutes Horn moved, seconded by Bohn, to table action on the December 3, 1981 minutes until the next regular meeting. All voted in favor and the motion carried. Riviera Purchase Option Agreement {Parcel #31) Russ Larson presented an overview of the terms included in the Purchase Option Agreement for acquisition of the Riviera property, as executed by the owners. e Bohn moved, seconded by Horn, to approve the purchase option Agreement and Memorandum of Option Agreement for the Riviera property as presented, and to authorize and direct the Chairman and Executive Director to execute the agreement on behalf of the HRA. The Executive Director was also directed to pay the option money to the Riviera owners, and the Attorney was ordered to immediately file the Memorandum of Option Agreement in the Office of the County Recorder. All voted in favor and the motion carried. Special Assessment Reduction Program Martin presented a historical review of past HRAactions concerning methods available to the HRA to induce development within the Business Park and adjacent industrial lands. Craig Mertz reviewed an outline of a proposal to reduce outstanding special assessments within the area served by City Public Improvement Project #78-3 based on the value of new construction on a lot-by-Iot basis. Seven percent (7%) of the cost of new on-site private improvements excluding land cost would be used to compute the amount of each specific assessment reduction. The Commissioners expressed concern that such a program may not result in more rapid development of Business Park lands if the overall land costs to developers remained at current levels. Martin was directed to invite representatives from Rauenhorst Corporation and Instant Web, Inc. to the next meeting to discuss this program with the Commissioners in greater detail and to resolve concerns about the effectiveness of the program. HRA Insurance Coverage e Larson reviewed recommendations for insurance coverage for the BRA. Presently, no separate coverage exists for HRA officials or property. e e e Chanhassen HRA Minutes December 17, 1981 Page -2- Horn moved, seconded by Bohn, to instruct the Attorney to secure all recommended insurance coverage for the HRA immediately. All voted in favor and the motion carried. HRA Fund Status Reports Martin presented Fund Status Reports for the HRA Fund #460 and #604, along with a recommended Revised Budget for #604. The Commissioners reviewed the reports, but felt that it was unnecessary to reyise the budget at this time. HRA Accounting Requirements Craig Mertz presented a letter (dated December 17, 1981) outlining legal requirements for HRA fund accounting. The Commissioners preferred the establishment of a separate accounting system for HRA funds, rather than contracting with the City under a Joint Powers Agreement to provide the HRA with this service within the City's accounting system. Martin recommended delaying any action on this matter until the City Manager was consulted concerning the two available options. The Commissioners agreed with this recommen- dation, but directed Martin to prepare a list of past disbursements/ expenditures of the HRA since the date of first receipt of tax increment revenues. This list should show the dates, check numbers, amount, and names of payees. The HRAwill act on this expenditure list by resolution at the next regular meeting. Approval of Bills Bohn moved, seconded by Horn, to approve the bills for November, 1981 as presented. All voted in favor and the motion carried. Adjournment Horn moved, seconded by Bohn, to adjourn the meeting at 10:30 p.m. All voted in favor and the motion carried.