12/14/10 Special Meeting - Laserfiche WebLink

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Commissioner Jeffrey stated when he had asked for more information as to Landform's involvement, he had not received anything until tonight's workshop meeting. Commissioner Wise stated the City should not play developer because in the real world deals were done by relationships and he did not have a problem with the development. With respect to subsidies, he noted the City Hall was subsidized and the return to the City for City Hall was nothing. He indicated a development as large as this one did not go on its own. Chairperson Dehen stated he was not anti- development, but when was enough going to be enough. Commissioner Ramsey stated the reality was that the HRA worked on a pro -forma and numbers did not lie. He stated he did not have an issue with this and he did not believe there was a conflict. Commissioner Elvig stated he was comforted with the equity Flaherty was putting into the project. He asked if more retail could be worked into the development. He stated he wished he would have received a pro -forma as he had requested. He stated he did not want this project to be undercapitalized. He wanted assurances Flaherty had sufficient capital to complete the project. He questioned the management of the project. He noted he had concerns about the dashboard. He stated the group had to do better in the future. He asked Mr. Flaherty if he had sufficient funding or did he need more. Mr. Flaherty noted he had not received the financing yet, but the City did not need to do anything until he had the funds. He stated they were not going to rule anyone out for financing. He stated he would also like to have more retail in the project, but retail was not doing much of anything right now. He indicated retail needed to see sufficient people in the area to support it before they would be willing to put a retail store in. He noted it was their intent to come back with phases, which would attract retail into the area. Commissioner Look stated he was not concerned about the perceived conflict. He stated if Mr. Flaherty went bankrupt on the property, there was still a future for that property. He stated this project added people, viability, and ridership for the rail, which was what the Council wanted for this area. He believed this project would bring in further development. He believed the merits of the case satisfied the City's goals and visions. He stated it should not be the HRA's concern as to who was financing the project. Motion by Commissioner Ramsey, seconded by Commissioner McGlone, to approve the Purchase Agreement for The Residence at The COR — Lot 3, Block 1, COR ONE. Motion carried. Voting Yes: Commissioners Ramsey, McGlone, Elvig, and Look and Wise. Voting No: Chairperson Dehen and Commissioner Jeffrey. Absent: None. Housing and Redevelopment Authority / December 14, 2010 Page 4 of 6