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06/18/1985 - Housing and Redevelopment Authority J(l K * a MINUTES OF THE HOUSING & REDEVELOPMENT AUTHORITY EAGAN, MINNESOTA JUNE 18, 1985 A meeting of the Eagan HRA was held on Tuesday, June 18, 1985 at the Eagan Municipal Center. All members were present. CINNAMON RIDGE PROJECT Councilmember Egan moved, Wachter seconded the motion to adjourn the City Council meeting and to convene as the Eagan Housing and Redevelopment Authority. All members voted yea. After convening of the HRA meeting, the Mayor announced that the Authority would consider an interest rate reduction program for the Cinnamon Ridge project/Can-American multifamily housing project. The tax increment financing district plan and interest rate reduction plan for Cinnamon Ridge housing project had been completed and were submitted to the HRA for review. Tom Hedges reviewed the proposal with the City Council and noted that Marsha Cohodes of Miller and Schroeder and Stan Kiehl of Holmes and Graven, Attorneys, were present. There were certain questions including the size of the project and it was mentioned that the project includes a $12,500,000 multi-family housing revenue bond issue that has been approved by the Council. It was noted that the City can require an assessment agreement under the plan, and that the City will share in the equity of the project. Councilmember Wachter stated that it was his opinion that the project and the site do not warrant tax increment financing and that it is not a proper location for multifamily housing utilizing tax increment financing. Councilmember Smith indicated that it is an inducement to build if the project would not otherwise be built and the real estate tax differetial will be recaptured at the end of ten years, noting that the City will share 50% in the equity. There were no objections from members of the audience present. Councilmember Smith moved, Councilmember Egan seconded the motion to approve the resolution and recommend the plan to the City Council. Those in favor were Egan, Thomas and Smith. Those against were Wachter and Blomquist. Councilmember Smith stated that there were several concerns of the Council including the; agreement regarding assessments and also requested that examples be provided if the rate of return is adjusted in different amounts. Egan then moved, Wachter seconded the motion to adjourn the HRA. All vote yes. City C rk