MINUTES OF A REGULAR MEETING
OF THE BOARD OF THE
REDEVELOPMENT AUTHORITY OF THE
IMMEDIATELY FOLLOWING THE
The members of the Board of the Redevelopment Authority of
the
Members of the Board in attendance were Ed Hollinger, Vice Chairman, Ralph Murray, Treasurer, Neil Kinsey, Assistant Treasurer and Miriam Fletcher. Cindy Stewart was absent.
Staff members present were Randy S. Patterson, Executive Director, William Fountain, Director of Technical Services and Diana Hess, Secretary.
There was no Public Comment
Minutes of the
Treasurer’s Report for the month of January 2004 was approved following a motion by Mr. Kinsey, second by Mr. Murray and unanimously carried.
The Executive Director gave an oral report this month updating the Board on progress on key initiatives of the Authority.
There was no Correspondence or Communications.
There was no Committee Reports.
There was no Old Business.
New Business
1.
The Board approved the purchase of
properties located at 702 through
Randy Patterson presented the details of the proposed acquisition of the Ace Rents property to the Board. The Authority will acquire the property for a total price of $1.8 million. We will identify the sales price as $1.13 million and include a grant of $670,000 to cover relocation costs identified by Mr. Morehead using the HUD relocation guidelines. We have an appraisal secured by Mr. Morehead indicating the value of the property at $1.76 million. Therefore we will be paying Mr. Morehead the appraised value of his property plus an additional $24,000 for other costs he will incur in relocating his business. Mr. Morehead will give us a breakdown of his relocation costs. It is anticipated that his known relocation costs will be at least $670,000. They will likely be higher because of some still unknown costs that HUD considers eligible relocation expenses.
The Board directs the Executive Director to acquire properties located at 720 through 732 North Prince Street, Lancaster, PA. The Board also authorizes the Executive Director to negotiate and to execute all documents leading up to settlement, settlement, and post-settlement in connection with this transaction on behalf of the Board
2. The Board approved to the purchase the of properties assembled by the Economic Development Finance Corporation for the future site of the Lancaster multi-purpose stadium on a motion by Mr. Murray, second by Mr. Kinsey, all in favor, none opposed.
Randy Patterson presented the details of the proposed acquisition of the Economic Development Finance Corporation property to the Board. The Authority will acquire the property for an approximate total price of $910 million, plus reimburse the EDFC for costs associated with their assemblage of the three parcels, the largest of which is the 11.005 acre Norfolk Southern tract. The price the EDFC paid for the three properties is $280,000, $300,000 and $330,000. Costs incurred by EDFC are expected to be approximately $100,000. We will also pay EDFC a $30,000 premium for assembling and holding the properties until we are prepared to acquire them.
The Board directs the Executive Director to acquire properties, now owned or to be owned by the Economic Development Finance Corporation, located at 608 through 632 North Prince Street and approximately 11.005 acres of land currently owned by the Norfolk Southern Corporation to be used as the future site of the Lancaster multi-purpose stadium. The Board also authorizes the Executive Director to negotiate and to execute all documents leading up to settlement, settlement, and post-settlement in connection with this transaction on behalf of the Board
Other Business
Mr. Hollinger announced that the next meeting of the Board of the Redevelopment Authority of the County of Lancaster would be held Tuesday, March 23, 2004 at the offices of the Lancaster County Housing and Redevelopment Authorities, 150 North Queen Street, Suite 120, immediately following the 5:00 p.m. meeting of the Lancaster County Housing Authority.
The meeting was adjourned at 5:35 p.m.
Diana R. Hess, Secretary