Housing and Redevelopment Authority Meeting

CITY OF MARSHALL HOUSING AND REDEVELOPMENT AUTHORITY MEETING MINUTES Tuesday, April 26, 2022 The special meeting of the Housing and Redevelopment Authority was held on April 26, 2022 in the Council Chambers at City Hall, 344 West Main Street. The meeting was called to order at 7:00 P.M. by Chairman Robert Byrnes. In addition to Byrnes the following members were present: Craig Schafer, Steve Meister, John DeCramer, Russ Labat, and James Lozinski. Absent: None. Staff present included: Sharon Hanson, Executive Director; Dennis Simpson, City Attorney; Jason Anderson, Director of Public Works/ City Engineer; E.J. Moberg, Director of Administrative Services and Kyle Box City Clerk. Consider approval of the minutes from the special meeting held on April 12, 2022 Motion made by Board Member DeCramer, Seconded by Board Member Lozinski that the minutes of the special meeting held on April 12, 2022, be approved as filed with each member and that the reading of the same be waived. Voting Yea: Chairman Byrnes, Board Member Schafer, Board Member Meister, Board Member DeCramer, Board Member Labat, Board Member Lozinski. The motion Carried. 6-0 Approve Contract for Private Development Block 11 between City of Marshall Housing and Redevelopment Authority (HRA) and Block 11 Marshall, LLC. Adopt Resolution 22-004 Approving Contract for Private Development for Block 11 and Authorizing the Issuance of Up to Three Taxable Tax Increment Revenue Notes The City Council at the April 12, 2022 City Council meeting adopted Resolution 22-048 approving a modification to the Redevelopment Plan for Development Project No. 1 and approving a Tax Increment (TIF) Financing Plan for TIF District No. 1-15 for the purposes of redeveloping Block 11, City of Marshall. The Developer proposes to acquire the property from the HRA within the Project Area and TIF District and to construct thereon a mixed-use project, in three (3) phases, including approximately 83 residential rental apartment units, comprised of 69 1-bedroom units and 14 two-bedroom units, and 8,840 square feet of commercial space, to be completed, owned, and operated by the Developer. The developer is requesting a 26- year, $1.302 million pay-as-you-go TIF for all three phases of development. Through the terms of the TIF Assistance Agreement, the City would pledge 50% of annual increment to the developer and retain the remaining 50% to finance $400,000 of land cost with 3% interest, administrative expenses, and eligible redevelopment pooling expenses. The total estimated tax increments estimated to be generated by all three phases of development would be $2.604 million. Kennedy and Graven prepared and submitted the Development Agreement for the proposed TIF project which was reviewed by the City Attorney. The proposed Development Agreement has also been approved by CBC Fischer Group. Within the agreement are specific conditions related to TIF Lookback, construction commencement and completion requirements, right of re-entry procedure, and the developer’s responsibility to pay increment shortfalls. Motion made by Board Member DeCramer, Seconded by Board Member Schafer that the Housing and Redevelopment Authority approve the Contract for Private Development between the HRA, and Block 11 Marshall, LLC. Voting Yea: Chairman Byrnes, Board Member Schafer, Board Member Meister, Board Member DeCramer. Voting Nay: Board Member Labat, Board Member Lozinski. The motion Carried. 4-2. Motion made by Board Member Schafer, Seconded by Board Member DeCramer adopting Resolution 22-004 that the Development Agreement between the City of Marshall and Block 11 Marshall LLC is hereby in all respects authorized, approved, and confirmed, and the Chair and the Executive Director are hereby authorized  Housing and Redevelopment Authority Meeting April 26, 2022 Minutes Page 2 of 2 and directed to execute the Development Agreement for and on behalf of the Authority and the Authority hereby approves and authorizes the Chair and Executive Director to execute the TIF Notes upon the Executive Director’s determination that the conditions for issuance of each TIF Note set forth in Section 3.2 of the Development Agreement have been met. Each TIF Note shall be sold to the Developer with such terms provided in the Development Agreement. The Authority hereby delegates to the Executive Director the determination of the date on which each TIF Note is to be delivered. Voting Yea: Chairman Byrnes, Board Member Schafer, Board Member Meister, Board Member DeCramer. Voting Nay: Board Member Labat, Board Member Lozinski. The motion Carried. 4-2. Adjourn At 7:15 P.M., Motion made by Board Member Labat, Seconded by Board Member Meister to adjourn. Voting Yea: Chairman Byrnes, Board Member Schafer, Board Member Meister, Board Member DeCramer, Board Member Labat, Board Member Lozinski. The motion Carried. 6-0 ____________________________ Robert J. Byrnes Chairman ATTEST: ___________________________ Sharon Hanson Executive Director