MINUTES WOODBURY HOUSING AND REDEVELOPMENT AUTHORITY Wednesday, November 20, 2024 3A Pursuant tot the due call and notice thereof, a regular meeting oft the Woodbury Housing andi Redevelopment Authority was duly held at the Woodbury City Hall, 8301 Valley Creek Road, on the: 20th day of November 2024. Call to Order Chair Anne Burt called ther meeting to ordera at 7:30 p.m., and she welcomed those attending ther meeting both inj person and virtually. Chair Burt explained that members oft the public may attend the meeting inj person and may alsoj joint the meeting using a computer, tablet, or smartphone. Shes stated public comments willl be accepted during the meeting bothi in person and virtually. Virtual questions should be: submitted viat the online Q&A feature within the virtual meeting link. Questions regarding the meeting will also bet taken' betweeni the! hours of 8:00 a.m. to 4:30 p.m. via email at counclehpodhurmnsor ora at 651-714-3524. Questions received after 4:30 p.m. will be responded toi int the next three to seven business days. Roll Call Upon roll callt thet following were present: Chair Anne Burt, Kim Wilson, Andrea Date, Steve Morris, Jennifer Santini. Absent: None. Others Present:Janelle Schmitz, HRA Clerk; Ashleigh Sullivan, Assistant City Administrator/City Clerk; Clinton Gridley, HRA Executive Director, Kevin Sandstrom, Woodbury City Attorney; and. Jamie Fritts, Housing and Economic Development Coordinator All items listed under the consent agenda are considered tol be routine by the HRAI Board and willl be enacted by one: motion and an affirmative vote by roll call ofa majority ofther members present. There willl be no separate discussion oft thesei items unlessa Commissioner or citizen soI requests, in which event, thei items willl be removed from the consent agenda and considered as separate Consent. Agenda subject of discussion! byt thel Board. Item A. Approval ofl Minutes - September 25, 2024 HRAI Meeting Member Santini moved, seconded by Member' Wilson, to approve the Consent. Agenda items. Voting via voice: Kim Wilson -aye Andrea Date aye Steve) Morris aye Jennifer Santini-aye Annel Burt - aye Public Hearings A. Authorizing the Issuance, Sale, and Delivery of Multifamily Housing Revenue Obligations fort the Benefit of Woodbury. AHI,LLLP, or an Affiliate; Approving thel Forms of and. Authorizing the) Execution and Delivery of Such Obligations and Related! Documents; Providing for the Security, Rights, and Remedies with Respect tot the Housing and Economic Development Coordinator Jamie Fritts mentioned Blaine Barker from Real Estate Equities was at the meeting and could answer any additional questions the Commission may have. Woodbury. AH ILLLP, an affiliate of Real Estate Equities, is requesting1 the HRAt toi issue multi-family: revenue bondsi int the amount of $17,270,000. Al Public Hearingi is required by State Statute. Thel bondst tol bei issued are conduit in shape andt thel HRA nor the City are liable fort the obligations tol bei issued. Thel bonds will finance the construction oft thel Reserve at Settler's Ridge (formally known ast thel Karen Drive apartments). The development is an affordable workforce rentall housing development with family-sized units. Iti is at two-building development with 252t total units. Thei issuance request is for Phase One whichi includes 1261 units. Staff recommend thel HRA1 to adopt HRA Resolution 24-06. Obligations; and' Taking Certain Other Actions with Respect' Thereto Chair Burt moved, seconded by Member Morris, to closet the publicl hearing. Page 1 of2 MINUTES WOODBURY HOUSING AND REDEVELOPMENT AUTHORITY Wednesday, November 20, 2024 3A Voting in Favor: Wilson, Date, Morris, Santini, Burt Absent: None Chair Burt noted that many affordable housing projects require financing from various directions. She askedi ifthis was the concluding one in order for the project to move forward. Mr. Fritts replied that the issuance would be for Phase One of the project. Phase Two will have as separate allocation ofl bonds fromi the Minnesota Office of Management andl Budget. Staffanticipates that Phase" Two will receive Chair Burt clarified that the action during the meeting would bet to close the finances for Phase One. Mr. Fritts agreed. Chair Burt asked ifconstruction for phase One would begin afterf finances are solidified for Phase' Two. Mr. Frittsi invited Mr. Barker to answert the question. Mr. Barker replied that construction for Phase One would begini in. January of20251 regardless of where Phase' Twoi is at. Phase Member Morris pointed out page: 23 of the Agenda Packet which reads' "Obligations" shall mean one or more: series of conduit revenue bonds or other obligations tol bei issued byt the Authority, in the aggregate principal amount not to exceed $18,750,000. He asked why the number was different than what was int thel Resolution. Mr. Fritts replied some additional allocations were returned after the $17 million was awarded. Stafft tried to get additional allocations as a cushion for thej project but were: not awarded the: additional amount. The $18 million was ini thej public hearing notice and packet as contingency language in case the City was awarded the: allocation after Member Wilson noted that the City is not responsible fort the money; iti isj just a conduit to geti it. Mr. Fritts agreed and noted that the recipients of thel bonds are responsible for repayment of them. Member Morris added as the conduit oft thel bond, thel HRA will receive Member Date asked to clarify what conduit bonds are. Mr. Fritts replied that they are tax-exempt revenue bonds which are allocated by thei federal government toe each Statel based on population and other formulas. Mr. Fritts stated cities, counties, and other units of government with bonding authority then apply through a competitive process on behalf of projects for allocations from the State. Member Date noted tax-exempt! bonds havel loweri interest rates which makes the financing fort these types of projects possible. Mr. Fritts confirmed thati is correct and thel loweri interest rate on thel bonds is what makes affordable housing projects financially feasible. the allocationi in. January of 2025. One willl have all thei infrastructure to support itself regardless of what happens with Phase' Two. the publicl hearing notice was published and thel HRAI Packet was submitted for thel November 201 meeting. $21,587 as part oft the administrative work of doing it. Member Morris moved, seconded by Member Santini, To adopt thef following resolution HRAI Resolution 24-06 HRAI Resolution ofthe Housing and) Redevelopment Authority of the City ofWoodbury, Washington County, Minnesota authorizing the Issuance, Sale, and Delivery of Multifamily Housing Revenue Obligations fort the Benefit of Woodbury AHI,LLLP, or an Affiliate; Approvingt thel Forms ofand Authorizing the Execution and Delivery of Such Obligations and Related Documents; Providing for the Security, Rights, and Remedies with Respect to the Obligations; and' Taking Certain Other. Actions with) Respect Thereto. Adjournment Member Morris moved, secondedi by Member Date, to adjourn the November 20, 2024 Housing and) Redevelopment Authority meeting. Voting in) Favor: Wilson, Date, Morris, Santini, Burt Chair Bur urngasher meeting at7 7:42 p.m. Absents, None but Apr urt, ghair Approvedl byt the Woodbury Housing and Redevelopment Authority on December1 11, 2024. Page 2 of2