03-15-2016 HRAM'M=0�
HRA
HUTCHINSON HOUSING ANO
FIIEDEVELOPMENT AUTHO&ITY
Regular Board Meeting Tuesday, March 15, 2016, 7:00 AM
Afiuutes
1. CALL TO ORDER: Chairman LaVonne Hansen called the meeting to order. Members
Present: Gary Fortier, LouAnn Holmquist, Steve Jensen and Pat Lembcke. Staff Present:
Jean Ward and Judy Flemming.
2. CONSIDERATION OF MINUTES OF THE REGULAR BOARD MEETING ON FEBRUARY
16, 2016
Steve Jensen moved to approve the Minutes of the regular board meeting as written. LouAnn
Holmquist seconded and the motion carried unanimously.
3. FINANCIAL REPORTS
a. Steve Jensen moved to approve the City Center General Fund payments of $118,397.27
for cheeks 8732 to 8742. LouAnn Holmquist seconded and the motion carried
unanimously.
b. LouAnn Holmquist moved to approve the Park Towers operating account payments of
$233,367.04 for checks 13549 to 1357$ and approval of Park Towers Security Account
payments of $12.10 for check 1538. Steve Jensen seconded and the motion carried
unanimously.
c. Steve Jensen moved to approve the December 2015 and January 2016 Park Towers
financial statements. LouAnn Holmquist seconded and the motion carried unanimously.
d. Steve Jensen moved to approve the February 29, 2016 City Center financial statements.
LouAnn Holmquist seconded and the motion carried unanimously.
4. PARD TOWERS UPDATE
a. FYI Occupancy Report — 99% occupied
b. Jean Ward reviewed with the Board the Elevator Project 100% Completion Letter.
Construction is complete just waiting on some paperwork from the contractors.
c. FYI Park Towers Newsletter
d. Jean Ward reviewed with the Board the 2016 Operating Subsidy Calculation form. The
2016 operating subsidy calculation is $112,417, however HUD usually only funds a
portion of that amount.
S. CONSIDERATION OF RESOLUTION 2016-5 TO BORROW $234,000 IN BOND
PROCEEDS FROM THE POHP PROGRAM
Steve Jensen moved to approve Resolution #2015-5 to borrow $234,000 in bond proceeds
from the POHP program. Pat Lembcke seconded and the motion carried unanimously.
6. DOWNTOWN RENTAL REHAB PROJECT INTEREST LIST
Judy Flcrriming updated the Board on the Downtown Rental Rehab Prograin.
March l5, 2016 Minutes Page 1 oft
7. CONSIDERATION OF RESOLUTION 2016-6 TO AMEND THE CITY OF
HUTCHINSON SCDP DOWNTOWN RENTAL REHAB PROGRAM PROCEDURAL
GUIDELINES TO INCLUDE THE DEFINITION OF "AFFORDABLE RENTS"
Steve Jensen moved to approve Resolution 42016-6 to amend the City of Hutchinson SCDP
Downtown Rental Rehab Program Procedural Guidelines to include the Definition of
"affordable tents". Pat Lernbcke seconded and the motion carried unanimously,
8. CONSIDERATION OF RESOLUTION 2016-7 RESOLUTION TO AMEND THE CITY
OF HUTCHINSON SCDP DOWNTOWN RENTAL REHAB PROGRAM PROCEDURAL
GUIDELINES TO REDEFINE THE FINANCING TERMS OF THE MORTGAGE TO
SAY "20% WILL BE FORGIVEN EACH YEAR OVER T14E FIVE YEAR TERM OF
MEETING THE LM1 TENANT & AFFORDABLE RENTS REQUIREMENTS"
Steve Jensen moved to approve Resolution 42016-7 to amend the City of Hutchinson SCDP
Downtown Rental Rehab Program Procedural Guidelines to redefine the financing terms of
the mortgage to say "20% will be forgiven each year over the five year term of meeting the
LMI tenant & affordable rents requirements". LouAnn Holmquist seconded and the motion
carried unanimously.
9. 445 ADAMS STREET
Jean Ward updated with the Board on the closing.
10. CONSIDERATION OF APPROVING THE STONE HRA HOME IMPROVEMENT LOAN
AS AN OWNER MATCH TO THE CITY HOME IMPROVEMENT LOAN (TIF FUNDS)
LouAnn Holmquist moved to approve the Stone's HRA home improvement loan as an owner
match to the City home improvement loan (TIF funds). Pat Lembcke seconded and the
motion carried unanimously.
11. POTENTIAL TIF APPLICATION
Jean Ward updated the Board on a potential TIF application.
12. CONSIDERATION OF APPROVING THE KRUEGER HOME IMPROVEMENT LOANS,
TIF & HRA 3% CONTINGENT TO THE LOAN REVIEW COMMITTEE'S APPROVAL
LouAnn Holmquist moved to approve the Krueger Home Improvement Loans, TIF & HRA
3%, contingent to the loan review committee's approval. Steve Jensen seconded and the
motion carried unanimously.
13. COMMUNICATIONS
■ FYI Foreclosure List
• HRA part of RFP for City Job Evaluation & Camp Study
• March 22nd will be the Audit
13. ADJOURNMENT
There being no other business, Chairman LaVonne Hansen declared the meeting adjourned.
Recorded by Jean Ward, HRA Executive Director
Gary Fo�oier, Secretary/Treasurer
March 15, 2016 Minutes Page 2 of 2