10-17-2017 HRAAh
HRA
HUTCHINSON HOUSING AND
REDEVELOPMENT AUTHORITY
City Center, 111 Hassan Street SE
Hutchinson, MN 55350
Website Site: www.hutchinsonhra.com
(320) 234-4251 (320) 234-4240 Fax
Hutchinson HRA Regular Board Meeting
October 19, 2017
Agenda
CALL TO ORDER — 7:00 a.m. - CITY CENTER MAIN CONFERENCE ROOM
2. CONSIDERATION OF MINUTES OF THE REGULAR BOARD MEETING ON SEPTEMBER 19, 2017
3. FINANCIAL REPORTS
a. Consideration of City Center General Fund payments of $25,056.00 for checks 8879 to 8887
b. Consideration of City Center September 30, 2017 Financial Reports
c. Consideration of approval of Park Towers operating account payments of $67,271.07 for checks
14085 to 14112 and approval of Park Towers Security Account payments of $185.96 for check
1558
d. Consideration of August 2017 Park Towers financial statements
e. Consideration of Resolution #2017-8 adopting Housing & Redevelopment Fund Balance Policy
f Consideration of HRA Cash Balance Analysis Report 10/2017
g. Consideration of assignment up to $150,000 in operating fund reserve to 2017 Park Towers
building Improvement Plan
4. PARK TOWERS
a. Occupancy Report
b. Park Towers October Newsletter
c. Low Loss Ratio Award
d. Update on Operating subsidy offset litigation
5. SEPTEMBER 2017 VACANCY RATE of 1.76 —no change from 2016 for Market Rate General
Occupancy
6. CONSIDERATION OF Resolution 92017-9 Authorizing Executive Director to Bid and Make Payment
up to $2,000 (Excluding Assessments) at ax forfeiture auction for 25 Jefferson Street. The tax
forfeiture auction is scheduled for November 16, 2017 at 9:00 A.M.
7. Update on tax forfeiture property at 486 California Street. Habitat for Humanity will be declining to
bid at tax forfeiture auction on 486 California Street. However, more information will be needed to
decide if the HRA should purchase that lot, since there is a large utility easement that crosses the
property and a house with a garage would need to fit in the available space taking into account the
easement. In addition, the marketability is limited and is estimated to need considerable resources in
value gap (Total Development Cost — Appraised Value) and possibly affordability gap (Appraised
value — purchaser financing available).
8. CONSIDERATION OF assigning $170,000 in construction financing for 25 Jefferson from HRA
available balance with value gap for project from TIF available balance.
121
h
HRA
HUTCHINSON HOUSING AND
REDEVELOPMENT AUTHORITY
City Center, 111 Hassan Street SE
Hutchinson, MN 55350
Website Site: www.hutchinsonhra.com
(320) 234-4251 (320) 234-4240 Fax
9. CONSIDERATION OF authorizing purchase offer of up to $5,000 for City Council designated Public
Nuisance/Hazardous Building at 141 5d' Ave NE subject to entering into a shared driveway agreement
with Brix & Stix, owners of 125 5d' Ave NE, to be drafted by Marc Sebora.
10. CONSIDERATION OF Assigning $100,000 to First Time Homebuyer Workforce Initiative Live and
Work in Hutchinson with estimated availability to be determined for 2nd quarter 2018, immediately
prior to Uponor opening.
11. 2017 HUTCHINSON FORECLOSURES
12.2017 THIRD QUARTER HOUSING DATA
13. ADJOURNMENT