Community Development Committee Agenda

Standing Committee of the City Council, Minneapolis, Minnesota

Regular Meeting

October 26, 2010

1:30 p.m. - Room 317 City Hall

NOTE: All cellular telephones, pagers and BlackBerry devices to be switched to a non-audible function during Council and Committee meetings.

Committee Members Present: Council Members Goodman,
Quincy, Reich, Lilligren, Gordon, Samuels (quorum 4)

Council Committee Coordinator: Irene Kasper (612) 673-2219

Public Hearings 1:30 p.m.

1. Open Access Technology International, Inc (3660 Technology Dr):

Consider resolution giving final approval to the issuance of up to $25,000,000 in Taxable and Tax-exempt, Limited Tax Supported Economic Development Revenue Bonds, Common Bond Fund Series 2010 & designating the Bonds as Recovery Zone Facility Bonds, to be issued through the Common Bond Fund and designating the bonds as bonds entitled to the security provided by Ordinance No. 87-OR-984, Chapter 424, Tax Reserve and Pledge Ordinance, to finance a proposed project consisting of the acquisition, improvement and equipping of an existing building to be used in the operation of the Companys software solutions business for the energy industry ( Also in W&M/Budget

Action Taken: Approved.

2. Land Sale (1829 Newton Ave N):

Consider approval of sale of property to Arriel McDonald for $1,000, subject to conditions: a) land sale closing must occur no later than 4/15/2011; & b) payment of holding costs of $300 per month if the land sale closing does not meet the deadline. The sale conditions may be waived or amended with approval of the CPED Director ( Action Taken 9/14/2010: Postponed one cycle; public hearing opened and closed; Action Taken 9/28/2010, 10/12/2010: Postponed).

Action Taken: Approved.

3. Land Sale (3347 Lyndale Ave N):

a) Consider resolution approving sale of property to a qualified Home Ownership Works (HOW) Program purchaser for the fair market value which is estimated to be $132,000, subject to the following conditions: 1) land sale closing must occur on or before 60 days from the date of offer acceptance; 2) payment of holding costs of $150.00 per month from the date of offer acceptance to the date of closing if land sale closing does not occur on or before 60 days from the date of offer acceptance. The sale conditions may be waived or amended with approval of the CPED Director.
b) Approve a second mortgage affordability loan in accordance with the HOW Program guidelines of not more than $30,000, if necessary.

Action Taken: Approved.

4. Land Sale (2047 3 rd Ave N):

Consider resolution approving sale of property to PRG, Inc for $111,375 plus $2,383 in additional costs incurred by the City to acquire the property.

Action Taken: Approved.

5. Land Sale (401 Newton Ave N):

Consider resolution approving sale of property to Twin Cities Habitat for Humanity, Inc for $1 plus $26,621.21 in additional costs incurred by the City to acquire the property.

Action Taken: Approved.

Consent Items

6. Old Third Avenue Townhomes Project:

Authorize CPED staff to execute the necessary agreements to extend the development rights and financial assistance provided to Twin Cities Habitat for Humanity, Inc. to: a) allow the land sale to close on or before 6/30/2011; & b) commit Affordable Ownership Housing Program funding to provide $360,000 in assistance for construction gap financing for the proposed development.

Action Taken: Approved, as amended to include the following conditions: 1) The Contract for Private Redevelopment and Affordable Ownership Housing Program Funding Agreement between Twin Cities Habitat for Humanity, Inc. and the City of Minneapolis must be signed by 1/1/2011; 2) Closing on the real estate and all financing must be completed by 6/30/2011; 3) Construction must commence by 8/31/2011. Failure to meet these any or all of these deadlines will result in termination of Twin Cities Habitat for Humanity’s development rights and cancellation of any and all City of Minneapolis funding commitments to this development.

7. Riverside Plaza:

a) Approve resolution granting final approval of up to $80,000,000 in tax exempt multifamily housing entitlement revenue bonds for the Riverside Plaza stabilization & rehabilitation project; b) Authorize a loan to Cedar Riverside Limited Partnership of up to $1,900,000 from the 2010 Affordable Housing Trust Fund; c) Authorize a Memorandum of Understanding with Cedar Riverside Limited Partnership & execute such other documents necessary to implement the project; d) Authorize submittal of a HUD Choice Neighborhoods application seeking funding for road, sidewalk, infrastructure and related improvements to 4 th St S, 15 th Ave S & 6 th St S in the immediate vicinity of Riverside Plaza ( Also in W&M/Budget

Action Taken: Approved.

Discussion Item

8. Allocation of 2011 Low Income Housing Tax Credits:

a) Approve preliminary reserve of Year 2011 Federal Low Income Housing Tax Credits totaling $1,257,639 for the following projects: Stradford Flats 16-22 E 15 th St ($300,000); Emanuel Housing – 822 - 3rd Ave S ($857,639); Art Space Jackson Flats – 1839-47 Jackson St & 901-13 18th 1/2 Ave N ($50,000); and Franklin Steele – 1900 Portland Ave S ($50,000).

Action Taken: Approved.

Postponement

9. The American Academy of Neurology (re Parcel E Liner (A), 800 Washington Ave S):

Consider resolution identifying The American Academy of Neurology as an additional 501(3) user of the Riverfront Ramp ( CD Action Taken 10/12/2010: Approved resolution approving sale of land, proposed redevelopment contract terms & authorized redevelopment contract).

Requested Action: Postpone public hearing to 11/9/2010 at 4:00 p.m.

Notice: A portion of this meeting may be closed to the public pursuant to Minnesota Statutes Section 13D.03 or 13D.05.

NOTE: Next Regular CD Meeting: 11/9/2010 at 4:00 p.m.

Committee actions referred to the next City Council Meeting: 10/22/2010

Attention: If you need this material in an alternative format please call Ahmed Muhumud at (612) 673-2162 or email Ahmed.Muhumud@minneapolismn.gov Deaf and hard-of-hearing persons may use a relay service to call 311 agents at (612) 673-3000. TTY users may call (612) 673-2157 or (612) 673-2626. Attention: If you have any questions regarding this material please call 311 or (612) 673-2219. Hmong - Ceeb toom. Yog koj xav tau kev pab txhais cov xov no rau koj dawb, hu (612) 673-2800; Spanish - Atención. Si desea recibir asistencia gratuita para traducir esta información, llama (612) 673-2700; Somali - Ogow. Haddii aad dooneyso in lagaa kaalmeeyo tarjamadda macluumaadkani oo lacag la’ aan wac (612) 673-3500

Last updated Apr 9, 2012