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successful, there had to be .enough of an arm's length between the development corporation and the City Council. City Administrator Ulrich stated a key difference with a development corporation is that it is set up as a nonprofit, which would go back into the community and you would not have this with a public company. Commissioner Wise stated he liked the idea of a development corporation. He believed with a private entity things would get done. He was concerned about a Councilmember sitting on the Board however and if that would be a conflict of interest. Commissioner Elvig stated there were a lot of stimulus dollars out there that the City could not go after and this was frustrating. He believed a development corporation would be able to get a hold of those stimulus funds. Commissioner McGlone stated this concept "scared him". He stated the City could give this land away and still make money with the tax base this would create. He asked how many deals the City would lose because a development corporation was setting up a layer between a potential deal and the City. Commissioner Elvig stated he was looking for direction as to whether this was a good proposal or not. Commissioner Ramsey stated he might be interested in supporting this proposal if he knew there was a proposal coming from Gold Star. He believed this might be premature. Councilmember Wise asked if Gold Star would be willing to prepare an informal letter. Chairperson Dehen stated he wanted to get something more firm before the HRA proceeded. City Administrator Ulrich recommended the next step was to develop a written proposal for the development corporation to outline the potential package for Gold Star and how that would be facilitated. Commissioner Look stated he wanted to investigate the possibility of dealing with a public firm also. He stated until that was done, he was not comfortable doing anything about this at this time. Housing and Redevelopment Authority /December 8, 2009 Page 4 of 6