M I N U T E S Port Authority Special Meeting Monday, October 19, 2015 7:30 A.M
M I N U T E S PORT AUTHORITY SPECIAL MEETING MONDAY, OCTOBER 19, 2015 7:30 A.M. COUNCIL CHAMBERS Members Present: Commissioners Jerry McCarthy, Jerry Mohrfeld, Michaell Bednar, Jeff Austin, Jeremy Carolan, Lee Bjorndal (until 7:50), and Larry Maus. Members Absent: None. Staff Present: Port Authority Attorney Craig Byram, Executive Director Craig Clark, City Clerk Ann Kasel, HRA Director Jon Erichson, and Port Authority Secretary Tom Dankert. Others Present: Mayor Stiehm, City Council Members Janet Anderson and David Hagen, KIMT TV, KAAL TV, KAUS Radio, and Austin Daily Herald. President McCarthy called the meeting to order at 7:30 am. Item #2. – Review purchase and sale of Oak Park Mall. Mr. Dankert discussed the proposed purchase agreement with Oak Park Mall noting the following highlights: The purchase price has been reduced for a $20,000 rental rebate to Younkers. The rent rebate is not calculated until after January 31, 2016, but this is an estimated amount of what Oak Park Mall would owe them based on prior trends. This cost now becomes a responsibility of the Port Authority. The purchase price is $2,926,000. Oak Park Mall will drop their tax valuation suit against Mower County. All current and delinquent taxes and special assessments will be paid at closing. $62,500 of escrow deposits will remain to cover against any potential litigation costs brought forward by the Theater. Mr. Dankert also discussed the following documents and their highlights: Contract for Private Redevelopment between the Austin Port Authority and Hy-Vee. Development, Pledge, and Interfund Loan Agreement between the Austin Port Authority, City of Austin, and Hy-Vee.
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