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<br />Development Team's role as a developer. They were hired to create value and to execute the <br />vision. This has zero value today - $300,000,000 down the road. <br /> <br />Vice-Chairperson Jeffrey stated that in the early days, we were looking for anchor tenants. He <br />questioned do we really need a broker and asked why the City's attorney couldn't draw up the <br />paperwork. <br /> <br />Mr. Lazan explained that they have agreed they will take no brokerage fees. He added that the <br />City's attorney can be involved - executing documents, etc. They would work as a team. <br /> <br />Mr. Cronk added that we do not want to bring in brokers unless it is absolutely necessary. <br />Maybe office space would need an office broker - one should not be necessary for retail. <br /> <br />Commissioner Elvig stated he would see that as more of a specialty leasing. He added he would <br />agree to steer away from brokers as much as possible. <br /> <br />Mr. Cronk reiterated they would not be charging brokerage fees on land sales. <br /> <br />Mr. Lazan added they will manage that process. <br /> <br />Commissioner Wise stated with regard to the image we are creating - he did not want to be stuck <br />with that we only want certain things - he did not want to be stuck in a certain image. <br /> <br />Mr. Greeby stated that the Development Team is here to represent what the HRA wants. He <br />talked briefly about in-house capabilities. <br /> <br />City Administrator Ulrich noted that he is audio recording the meeting for those not present. <br /> <br />Mr. Greeby continued that a tenant rep is a type of broker. The difference between the <br />Development Team and a brokerage team is if a broker gets a commission - they would close the <br />deals. This Development Team has the ability to work with all. <br /> <br />III. Alignment of VISIONS - GOALS - EFFORTS - COMMUNICATION <br />a. Common objectives and common message <br />b. Understanding path AND exit strategies <br />Mr. Greeby stated that we have to make decisions about what best supports the vision. We may <br />not be signing that lease but we have a responsibility in shepherding both parties to meet in the <br />middle. <br /> <br />Mr. Lazan stated that each deal on its own has a value but pairing folks up - that's a <br />development function. <br /> <br />Mr. Greeby stated the more prepared you are with predicting potential scenarios the better. The <br />Development Team's job is to come up with various scenarios - run through potential outcomes <br />even before they happen. We will want to kill these that should not be worked with and we can <br />nurture some of these that may work. <br /> <br />Housing and Redevelopment Authority/April 7, 2010 <br />Page 3 of 16 <br />