10-18-2011 HRAMI ARA
Hutchinson Housing &
Redevelopment Authority
Regular Board Meeting Tuesday, October 18, 2011, 7:00 AM
Minutes
CALL TO ORDER: Chairman Becky Felling called the meeting to order. Members Present: Bill
Arndt, LaVonne Hansen, LouAnn Holmquist, and Joel Kraft. Staff Present: Jean Ward and Judy
Flemming.
2. CONSIDERATION OF MINUTES OF THE REGULAR BOARD MEETING ON SEPTEMBER 20, 2011
LaVonne Hansen moved to approve the Minutes of the regular board meeting as written. Bill Arndt
seconded and the motion carried unanimously.
FINANCIAL REPORTS
LouAnn Holmquist moved to approve the City Center General Fund payments of $60,332.23 for
checks 7956 to 7975 and Park Towers payments of $31,569.78 for checks 11717 to 11744 and Park
Towers August 2011 Year End Financial Statements. Joel Kraft seconded and the motion carried
unanimously.
4. PARK TOWERS UPDATE
a. LaVonne Hansen move to approve the 2012 Flat Rent for Park Towers with no change from last
year. Joel Kraft seconded and the motion carried unanimously.
b. Jean Ward reviewed with the Board the Occupancy Summary Report. Year -to -date is 98%
occupancy.
c. Jean Ward gave the Board an operating subsidy update. 100% pro- ration authorized for
$140,776 in 2011. 2012 operating subsidy submitted $168,373. However it is very likely that Park
Towers will not be receiving the 2012 operating subsidy, because of the amount of Park Towers'
reserves.
CONSIDERATION OF RESOLUTION 4 11 -14 APPROVING SHORT FORM SCDP
APPLICATION AND ALLOCATION OF $30,000 FROM CITY OF HUTCHINSON NEW
CONSTRUCTION REVOLVING LOAN FUND TO CITY OF HUTCHINSON REHAB
REVOLVING LOAN FUND AS LEVERAGE FOR SHORT APPLICATION WITH
RECOMMENDATION FOR APPROVAL FROM CITY COUNCIL.
Bill Arndt moved to approve Resolution 4 11- 14 Approving short form SCDP application and
allocation of $30,000 from the City of Hutchinson New Construction Revolving Loan fund to City of
Hutchinson Rehab Revolving loan fund as leverage for short application with recommendation for
approval from City Council. Joel Kraft seconded and the motion carried unanimously.
6. CONSIDERATION OF RESOLUTION 411 -15 APPROVING THE UNDERWRITING
STANDARDS AMENDMENTS FOR CITY OF HUTCHINSON REVOLVING REHAB LOAN
PROGRAM
Joel Kraft moved to approve Resolution 4 11- 15 approving the underwriting standards amendments for
City of Hutchinson revolving rehab loan program. Bill Arndt seconded and the motion carried
unanimously.
October 18, 2011 Minutes Page 1 of 2
7. SCDP PROJECT UPDATE
a. LouAnn Holmquist moved to approve SCDP Loan 48683 -21 Opatz and SCDP Loan 48683 -22
Konerza contingent to Loan Review Committee's approval. LaVonne Hansen seconded and the
motion carried unanimously.
b. Joel Kraft moved to approve the subordination request for EFG SCDP Rehab Loan 8694
Schumaci. LouAnn Holmquist seconded and the motion carried unanimously.
8. UPDATE ON 400 LYNN ROAD
The Board read a progress report letter from the construction program instructor, Daryl Lundin.
9. DONATION OF BARE LOT 587 FRANKLIN STREET UPDATE
All the paperwork has gone through for the donation. Wells Fargo is calculating the value at $30,000.
Demolish in scheduled for October 24th and then the HRA will close on the purchase of the bare lot.
10. CONSIDERATION OF PROCEDURE FOR HRA RESIDENTIAL DEMOLITION
LouAnn Holmquist moved to approve the HRA residential demolition procedure. Bill Arndt
seconded and the motion carried unanimously.
11. OTHER - FYI
a. 2011 Third Quarter Foreclosure Update — 61 Sheriff Sales at the end of September. At this
rate there will be 80 Sheriff Sales by the end of the year.
b. Correspondence
12. ADJOURNMENT
LaVonne Hansen moved to adjourn and Bill Arndt seconded. There being no other business,
Chairman Becky Felling declared the meeting adjourned.
Recorded by Jean Ward, HRA Executive Director
LaVonne Hansen, Secretary /Treasurer
October 18, 2011 Minutes Page 2 of 2