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