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Mr. Lazan stated that the amendments cover the two items Ms. Nelson mentioned as well as memorializing others. He noted that included in the amendments is that the HRA agrees that it will not subject the property either to the terms of the existing Master Declaration or to any replacement Master Declaration prior to closing without TOTI's consent. He noted that the HRA intends to pursue a Special Services District (SDD) rather than a replacement Master Declaration. With respect to the SDD, the City is preparing the draft ordinance, but the HRA is asking TOTI to waive this contingency based on the HRA's representation and warranty that, regardless of the form of the ordinance the City adopts, the ordinance will not subject the property to any fees or charges except for commercial or industrial use. Back to them extending the due diligence period to March 31, that does not affect the closing date. He added that these are very routine amendments and are well recorded. Commissioner Elvig inquired if we have any handle on how they are doing financially. Mr. Lazan stated they say well — they just closed on a different property. When they asked to exercise the extension, he reiterated the concern that they are still on track. Ms. Nelson stated that we continue with them — there are other folks in line to keep them in line — First Phoenix. Commissioner Elvig asked if staff has talked to First Phoenix about other areas in the City. Ms. Nelson stated we have not really done that yet. We want to get this taken care of now and will do that at a later time. We are a ways out for that. Commissioner McGlone stated that this is a market driven business — if the market says a 90- place facility — he assumed that meant over the entire area of the City. Ms. Nelson stated we will stay focused on this deal. Motion by Commissioner Elvig, seconded by Commissioner Wise to approve and execute the revised purchase agreement with TOTI Holdings LLC. Motion carried. Voting Yes: Chairperson Jeffrey, Commissioners Elvig, Wise, McGlone, Ramsey and Tossey. Voting No: None. Absent: Commissioner Backous. Case #6.3 Update on New COR Signs HRA Executive Director Nelson stated staff has been working on getting the new COR signs underway. She presented an update of the signs and stated that she wanted the HRA to see the plans before they get too far. We had $105,000 budgeted; however, some things have changed as we have moved forward. The entire project is now about $7,000 over budget but we could make some amendments to landscaping, etc. to cover that $7,000. We do not need a decision now — we will come back later and ask if the HRA would like to cut back on the landscaping, etc. as we progress. Housing and Redevelopment Authority / January 18, 2011 Page 6 of 8