Community Development Committee Agenda

Standing Committee of the City Council, Minneapolis, Minnesota

Regular Meeting

March 31, 2009

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, Benson, Samuels,
Remington, Gordon, Lilligren (quorum 4)

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

Discussion Item

1. Minneapolis Neighborhood Stabilization Program (NSP) Overview.

Action Taken: None (received & filed).

Public Hearings

2. 2009 Consolidated Plan:

a) Receive public comments on the Citys application to U.S. Department of Housing and Urban Development for 2009 Community Development Block Grant (CDBG), Home Investment Partnerships (HOME), Emergency Shelter Grant (ESG), Housing Opportunities for Persons with AIDS (HOPWA) funding, American Dream Downpayment Assistance Initiative (ADDI), and an update to the 2005-09 Five-Year Strategy;
b) Authorize submission of Plan to HUD on 4/15/2009;
c) Adjust to actual all currently estimated grant amounts evenly across-the-board for all grant-funded activities when the actual Consolidated Plan appropriation is provided to the City from HUD ( Also in W&M/Budget

Action Taken: Approved.

3. Nokomis Senior Assisted Living Redevelopment Plan and the Nokomis Senior Assisted Living Tax Increment Financing (TIF) Plan (3717 - 23 rd Ave S):

a) Consider resolution adopting the Nokomis Senior Assisted Living Tax Increment Finance Plan and Redevelopment Plan;
b) Consider resolution authorizing the issuance of a Limited Revenue Pay-As-You-Go Tax Increment Financing Note to Covenire Care, LLC in a principal amount not to exceed $728,200;
c) Approve proposed redevelopment contract business terms;
d) Consider resolution giving final approval of up to $2,500,000 in Tax-Exempt Multi-Family Housing Revenue Bonds;
e) Authorize execution of the redevelopment and loan agreements with Covenire Nokomis, LLC, or its affiliates & all other necessary documents ( Also in W&M/Budget

Action Taken: Approved, as amended to add language to number 3 of the Proposed Redevelopment Contract Terms as follows: "3. The City will provide TIF assistance in the form of a pay-go note in a principal amount not to exceed $728,200. Any TIF repayment is predicated upon the owner receiving a 15% internal rate of return (IRR) on the Developer Equity (corporately guaranteed bank loan and cash) and any draw on the $622,000 letter of credit. The TIF repayment would work as follows at the time of sale or refinance until the TIF note is paid in full or the TIF district expires by statute. It is estimated the TIF note will be repaid in twenty years.

• Net proceeds after refinancing or sale

• Affordable Housing Trust Fund principal repayment (interest paid current)

• Developer receives cash to equal a 15% IRR after taxes, as described above

• TIF principal repayment equal to amount of TIF drawn to date up to $728,200

• Balance to Developer

4. Park Dedication Requirement:

Consider ordinance amending Title 22, Chapter 598 of the Minneapolis Code of Ordinances relating to Land Subdivision: Land Subdivision Regulations, imposing a park dedication requirement on new development. If adopted, direct proper City officers to transmit the ordinance to the Mpls Park & Recreation Board for its concurrence & approval ( Also in W&M/Budget

Action Taken: Forwarded without recommendation.

Consent Items

5. MacPhail Center for Music:

a) Receive 2008 Annual Report;
b) Approve resolution approving the governmental program and annual budget for the operation of the MacPhail Center for Music facility in Minneapolis for fiscal year 2008-2009.

Action Taken: Approved.

6. African Development Center (ADC) (1927-29 S 5th St):

a) Authorize a $200,000 Great Streets Gap Financing Loan to ADC Commercial Real Estate, Inc., a real estate entity controlled by the ADC, for the purchase and redevelopment of property & authorize loan agreement/related documents;
b) Approve appropriation increases ( Also in W&M/Budget

Action Taken: Approved.

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

Next Regular CD Meeting: 4/14/2009

Next City Council Meeting: 4/10/2009

Attention: If you want help translating this information, call - 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

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Last updated Oct 18, 2011



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