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<br />Motion carried. Voting Yes: Chairperson Dehen, Commissioners Ramsey, Look, Elvig, Jeffrey, <br />McGlone, and Wise. Voting No: None. <br /> <br />The closed session was adjourned at 9:54 p.m. <br /> <br />The Special HRA meeting was reconvened at 9:54 p.m. <br /> <br />Case #3: <br /> <br />Discuss Development Corporation Concept <br /> <br />Commissioner Elvig stated he had been looking at how to get Gold Star done. He asked if the <br />HRA was willing to work with a private development corporation set up strictly for the City of <br />Ramsey to bring opportunity to the City with outside dollars that were private dollars that the <br />City could not generate itself. He indicated he would like to have two members of the City <br />Council on the Board, as well as Darren Lazan, and private individuals who were not determined <br />at this point. He believed the development corporation was about money and therefore they <br />needed financial people on the board rather than developers. He stated this corporation would <br />work solely for community projects. He indicated if the BRA was not behind this type of a <br />corporation, then it would be awaste oftime. He believed Gold Star was the number one project <br />the City needed to concentrate on. He indicated this could mean he might need to step down <br />from Council as it could be a conflict of interest. <br /> <br />Chairperson Dehen asked what was the purpose in forming this corporation now until they had <br />some thing firm. He believed this type of a corporation could be set up at any time. <br /> <br />Mike Dunham, Gold Star, noted what these types of corporations could do and the benefits they <br />gave. <br /> <br />Commissioner Ramsey asked how did these types of corporations get started. <br /> <br />\ <br />Commissioner Elvig responded it might be "seed money" from the City or property the City <br />wanted developed, or it could be from private funding. <br /> <br />Commissioner Ramsey asked how the City was assured the property would be managed <br />properly. <br /> <br />Mike Dunham responded those types of details would be outlined in a letter of understanding as <br />to how the transaction would work, but that was not the motivation behind these types of <br />corporations. <br /> <br />Chairperson Dehen asked if the purpose of the development corporation was to keep transactions <br />confidential. <br /> <br />City Attorney Goodman responded that was one of the purposes as well as to focus more on a <br />particular project than a City could do, and to use the tools that private entities could do that a <br />City could not such as hiring people and doing bidding. He stated in order for this to be <br /> <br />Housing and Redevelopment Authority / December 8, 2009 <br />Page 3 of 6 <br />