##VIDEO ID:https://stpaul.granicus.com/player/clip/5167?view_id=37&redirect=true## I know it. 2 people 1, 6, 1, out. agree with man. Calling the meeting at the same housing Redevelopment Authority to order real roll call, please. Hear slowing Johnson here. Toast Kim is excused maker is excused being here? For PRESIDENT When apps and into are excused. Commissioners Kim in acre are excused. Item number one minutes. 25 dash for approving the JANUARY 2025. Hra meeting Minutes. All right. So before we take this exciting photos, Lawal comes back out to the meeting. I probably won't have as many when he jokes as CHAIRMAN Here But I'm looking forward to being able to just kind of have this space. But I will take a motion a this time from Commissioner Jones to prove the meeting minutes. Seeing any discussions seeing none. All those in favor say Aye. The motion carries the minutes are approved. I see that we have a few items under suspension today. So seen the commissioner Yang suspension of the rules for all 3 items today to consider under suspension. All those in favor. I think. The rules are suspended. 4 in favor. None opposing the resolution is adopted. resolution 25 dash 2.37. Amending the 2025 housing and read Elop in authority hra World Trade Center Parking Enterprise Fund budget to reflect the 2025 city budget citywide. All Right-y director noon. Thank you. Chair John Senden commissioners apologies for te having to bring and it was under suspension. We had a few things that we're time sensitive. We try not to do that to you unless we absolutely have to so. This first item is just really an accounting correction from the recent budget process. The city budget included a transfer of $51,818 from te Hre World Trade Center parking budget to the pd operations fund just for portion of a of a position of project management technician position. And that transfer wasn't reflected in treat budget. So we're just simply amending the budget to reflect that transfer. And staff recommends approval of Thank you, director understand with some of the items at times we have to do it this procedural ways. So we were able, though, at charity Care and I to get briefed on the issue. So this time I don't have any questions, but I wanted to see if anyone has any follow-up questions at this time for any discussion items. Okay. So take motion from a mystery to approve any frther discussion. One last time. Her ad, all those in favor say all opposed. On carries favor none opposed. The resolution is adopted resolution. 25 dash 2.40, resolution approving and authorizing the execution of a master legal services agreement with Ballard Spahr, llp, citywide. Already going to head it. Back to Director Yes, thank you. Chair Johnson commissioners, the Senate in the next item are very similar. We have the law firms of Ballard Spahr Barn Stephen and Katie Graven provide Bond council related public finance, legal services for the housing and Redevelopment Authority in Kentucky, including station with the city. City attorney's office under mastered legal services agreement. So this item will just approved the Master Legal Services agreement with Alex far for 2025. With an optional one-year renewal period, a similar action will be requested at City Council staff recommends approval of this item and the next one is exactly the same except just for see. All right. Thank you so Just for clarification or we will still have to do the votes for both correct. Separately, okay. Wonderful. So. I'll take a motion from to approve ay further discussion or questions that customers MAY have. Seeing none. All those in favor say Aye. Aye. All posts. 4 in favor. None oppose. The resolution is adopted resolution. 25 dash 2.43. Resolution approving and authorizing the execution of a master legal services agreement with Florida losing staff and limited citywide. many and as you've heard from Director Nathan, this is very similar to the previous item. So at this time, all take a motion Commissioner Jones any further discussion or clarifying things from commissioner seeing none. All those in favor say Ae. Aye. All opposed. 4 in favor. None opposed. The resolution is adopted. Item. Number 5 staff report. 25 Dash 17 staff report for 10 68 Raymond Avenue. A long subordination Ward for district. Well. Reduce the number back to normal Kind of bringing it through. Director Newton head over to you for the sight absolutely. Thank you. Chair Johnson Commissioners, principal project manager Angela Ref is here. I believe this is an introductory presentation. For an item that will be coming to you for action at an upcoming meeting. she was walking up just letting folks know. And our commissioners table will continue this practice cause. I thought when chair you can in and just having additional time to have materials come to before were asked to vote be planning to continue that on into this year. And so really looking forward to staff update on this matter. Good afternoon, Chair Johnson and Cmmissioners. My name is Angela Wrightson principal project manager in pd. I'm here today to discuss 10 68 Raymond Avenue request a subordination in additional debt to the first mortgage lender for apartment renovations and to extend the limit, to OCTOBER 7th to be Coach Herman us with the first mortgage. So as you might recall, from SEPTEMBER of last year, ppl owned and operated this property at 10 68 Rain Avenue. For 30 plus years and sold to new owners in OCTOBER 2024. They sold to Je Hughes who's here today So this building has 19 units and they're a mix of 1, 2, 3 bedroom apartments. In SEPTEMBER, the a jury. Approved a subordination to a new first mortgage lender extended the loan terms increasingly and for the tenants from 50% or below to 60% below to 60% or below. Had a relocation agreement for existing tenants. When the building was originally constructed in 1991. The hra for provided a loan of $525,000. The current loan terms are deferred 100% effort into maturity, which is SEPTEMBER. 30th 2029 2% interest in the current balance of this loan is 100 actually $882,000 in the source is the h or a loan enterprise fund. Purchase in OCTOBER of 2020 for the 19 building unit had a high vacancy rate. 9 units were vacant and of the 10 occupied units 5 tenants chose to say. So. This high vacancy rate allowed the new owners to accelerate planned renovations as it is easier to renovate mostly empty building. So this do the vacancy rate and that created some cash flow issues. And the new owners have take an additional $220,000 to renovate their building. So that's why we're here today. The owners are requesting subordination of this new debt to their first lender. Bringing the total in first position to what approximately 1.2 million dollars. This subordination will not affect any existing affordability requirements that are existing on the property. So these building renovations are currently underway. They planned to be completed I APRIL 2025. The end unit renovation work have some pictures includes new flooring kitchen appliance and cabinet upgrades and after repairs refinishing and retain units common renovations include painting corridors and stairwells up creating lighting and new entry heaters. So the building improvements about $200,000. They have a little built in for contingency and then some financing closing costs. So as you can see thank you. Can Maybe just review. If you have it printed out, it's a They are okay. Well, top left I was kind of the existing. looks like existing and then see the the you know, the kind of the high cntrast finishes that they're working with. Ad then on right side is the back and finishes. So if this is this a major upgrade and then you can see the kind of like the wood grain, the dark wood green. Luxury vinyl planking that they're working you. And then the common area. This appeal and hallway renovations are here. You are fit painting and new pictures. So their question action at the next picture, a meeting would be to approve an restated mortgage allowing 1.2, approximately 1.2 million to be in first position. The city will remain in second position and approve extending the maturity date of the Declaration of Covenants and the note Coach Herman us with the first mortgage dated OCTOBER, 7th, 20 20th. So with that, I will ask for any questions. Are there any questions that folks MAY have right now about this item? Commissioner thank you. Pastor Jones and I have I just aren't myself. So I just understand. So hra provided a second loan, but vote that will come before us is to put transition them into the first including the renovations. So what what the plan is so tree isn't extending any additional loan or any additional credit in this deal. they the owners are taking out additional financing from their first mortgage lender. And so in that case, what are note says that you can only take out x number of dollars of debt ahead of us and what the owners are requesting for the city to defer the a jury to do is to allow some additional debt to the head of us. And that would be in the amount of approximately $220,000 to cover the renovations of the units. Current just. For the background here, he provided a 525 alone. Franklin, $25,000 Loan. And then it says, right? Balance is 882. Is that like what? What the insurance, how much they up until then, the chain data. 2029. That's how much they And as of you know, basically right maybe it's like a week ago. So it's accruing on a per diem interest rate of 2%. So that's what they But they'll continue to do more in the next 5 years. 4 and a half. Absolutely. Thank you. just I think Mike has was just around making sure that this the source the same 2 from where the the resources and funding are coming from, too, right? Yes, Commissioner Johnson or Chair Johnson. Yes. The sources say are the same. Yes, commissioning insurgents key remind what the staff recommendation is for this item. The staff recommendation. The staff recommendation is to approve the additional. Ahead of the a jury personally 220,000 and to extend our maturity date to align with their first. Mortgage. Okay. Great. Thank for sharing that again. I I know we're not talking by just wanted to share that. I generally am supportive of this. And I'm glad to see that does support a nation will not affect existing affordability requirements. So thank you all for your work on this. And I know back in SEPTEMBER, we had a chance to really kind of dive further into the project. Still, remember, the updates provided by the folks that are developing the space or renovating the Thank you for also making time to come out again this time to talk about the issues. And I think if commissioners have questions, I know this I a item that both to and I have been briefed on and that so as we head into next week, I do plan on also being supportive of this item part and as a result of ensuring that there, you know, Florida housing and affordability of the units aren't genuinely really awesome to see. Any other questions coming from I don't mind give us a few minutes back just because we did have a longer library board meeting. But I will just take a minute, a privilege. And even though commissioner joys that here once again to reiterate how supportive we are and the aspect of this being the last meeting with the jury that she's a part and also being able to say, Ilook forward to being able to step into the role that I hope and not to get ahead of myself. One of the things that's really awesome some of the the transition is that I am proud to be kind of joining the spot here, at least asking for Mike commissioner support as chair moving into the future weeks of leadership, transition as well. So that's bringing in a role where I believe that Commissioner Jones will be stepping in as vice chair of the spotty, too. So I'm looking forward to seeing that come across this work. It's the first time we've had a black woman leave the jury. And I think that's a really important place in the middle of black history month, but also to have the chair and vice chair be woman of color for the first time well. And so just really looking forward to the road ahead for us and want to thank Commissioner Jolly Jalali for her continued staff said fast work and when it relates to housing and housing policy, and I think that se's set. Decades long impact housing policy work and housing advocacy and quite literally when she took office as a renter, she centered a lot of renters in this work. And I look forward to being able to continue to do that chair. So. With no further items on the agenda, we are a giant.