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Commissioner Elvig asked what was the project that was sued and went bankrupt. <br />Development Manager Lazan responded it was a project in Charlotte, NC. <br />Commissioner Look asked if we require a performance bond. <br />Ms. Kvilvang responded the City is not in a position to require a performance bond. <br />Commissioner Look asked for some guarantee that this project will at least be complete. <br />Tom Bray, legal counsel with Briggs and Morgan, commented that a corporate guarantee is a <br />better avenue to repayment than a second mortgage <br />Development Manager Lazan would like discuss the loan term as a compromise as a 10 year <br />fixed return of $120,000 and after that tenth year any remaining balance is 6 and one quarter <br />percent interest. <br />The Committee discussion was to leverage the retail piece. <br />Motion by Commissioner Ramsey to close the meeting at 9:22 p.m. seconded by Commissioner <br />Look. <br />Motion carried. Voting Yes Chairperson Dehen, Commissioners Elvig, Jeffrey, Look, <br />McGlone, Ramsey and Wise. Voting No: None. <br />Meeting re opened at 9:24 p.m. <br />Motion by Commissioner Ramsey to re -open the meeting at 9:24 p.m. seconded by <br />Commissioner Look. <br />Motion carried. Voting Yes Chairperson Dehen, Commissioners Elvig, Jeffrey, Look, <br />McGlone, Ramsey and Wise. Voting No: None. <br />Case #2: Consider Proposal for Graphics COR/Rail Station <br />Development Manager Lazan reviewed the staff report and is asking the Committee to approve <br />the attached proposal provided in the agenda and direct staff to complete the items in conjunction <br />with the upcoming VA groundbreaking event. <br />HRA Executive Director Nelson reviewed that the Steering Committee has been meeting weekly <br />planning the event and explained the expense Jim Deal, PSD is funding and the City value of the <br />updated renderings <br />Motion by Commissioner Elvig, seconded by Commissioner Jeffrey, to approve the contract with <br />Sharp Creative and direct the team to prepare the appropriate materials for the VA <br />Groundbreaking ceremony. <br />Housing and Redevelopment Authority / October 19, 2010 <br />Page 5 of 6 <br />