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HRA BUSINESS <br />Case #1: Consider Proposal for Theater Project in the COR — RJ's Stage and Screen <br />HRA Executive Director Nelson reviewed the staff report. <br />Rachel Wexler introduced herself, shared her background, then reviewed the proposed project <br />and requested land donation. She also outlined the proposed partnership with the PACT School <br />and Legacy. <br />Chairperson Jeffrey clarified the property donation for the theater and parkland to the south is <br />intended to create the needed equity to make the financing whole. He discussed the current <br />assessment of $5 per square foot but noted it should net more than that and asked for an <br />appraisal. <br />Ms. Wexler said the parkland may not be needed once the appraisal comes in. <br />Discussion was held on proposed materials, necessary parking, utility, and road construction <br />costs. <br />HRA consensus was that while the demographic and concept is good, granting land to make the <br />business plan feasible is not acceptable, including losing a future planned park. <br />Commissioner Elvig suggested locating an equity partner or grants to fill the financing gaps. He <br />also challenged the location selection due to the intended activity level of future hotel and <br />restaurant. He suggested the project would be better suited for off -peak uses such as offices and <br />businesses. <br />Development Manager Lazan said the location is in the densest quadrant with minimum service <br />parking and four ramps to serve all the uses. He suggested that staff review the project for one <br />block instead at a reduced price and then come forward again to the HRA. <br />Ms. Wexler said they reviewed the land at Sunwood Drive and Ramsey Boulevard but felt this <br />location was better for The COR plan. <br />Commissioner Ramsey asked if we donate the land how do we get it back before fully <br />developed. He said he does not want to see another party develop the donated land and realize <br />the gain. <br />Commissioner Elvig suggested a possible lease back. <br />Ms. Wexler said they were planning to develop the area as a park. <br />Commissioner Backous suggested donating a portion while retaining ownership on the other <br />land. <br />Housing and Redevelopment Authority / January 25, 2011 <br />Page 2 of 5 <br />