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HRA Regular Session <br />Meeting Date: 05/10/2011 <br />By: <br />Heidi Nelson, Administrative Services <br />5. 1. <br />Title: <br />Approve Documents to Clear Title to Lands owned by the Housing and Redevelopment Authority (HRA) in the <br />plat of COR ONE <br />Background: <br />Over the past 12 months, in preparation for land transactions in The COR with Flaherty and Collins and TOTI Land <br />Development, the DM Team has been working with the City's HRA Real Estate Counsel to research and resolve <br />any title issues that would need to be cleared prior to completing a land transaction. The attached letter from Mr. <br />Tom Bray, the HRA's Real Estate Counsel, describes in detail the title issue that is being resolved with each <br />document. <br />There are three documents that need to be approved by the HRA. The HRA (items no. 2 and 6 in Bray letter). The <br />City Council and Board of Adjustment (item no. 3 in Bray letter) will also need to approve documents related to <br />clearing the title. Those actions will be requested at upcoming meetings of the Board of Adjustment and earlier this <br />evening at City Council. <br />The following documents are presented to the Housing and Redevelopment Authority this evening for approval <br />(item no.'s in attached Bray letter): Release of Land from Restrictions (item no. 2), Quit Claim Deed (item no. 6) <br />and Declaration of Easement (item no. 6). <br />As Council may recall, item no. 4 (Release of Land from and Amendment to Lease Agreement) in the attached <br />letter was completed earlier this year by action of the City Council, HRA and EDA. Item no. 2 (Release from Use <br />Restrictions) will be executed, upon approval, and recorded immediately following tonight's action. Item no. 6 <br />(Quit Claim Deed and Easement Declaration) will be recorded at closing. <br />Notification: <br />None required. <br />Observations: <br />Please refer to attached letter from Mr. Tom Bray, HRA Real Estate Legal Counsel. <br />Recommendation: <br />Staff recommends that the HRA approve the Release of Land from Restrictions, Quit Claim Deed and the <br />Declaration of Easement. <br />Funding Source: <br />HRA legal funded by HRA levy and budget. Transaction specific legal expenses are paid from land sale proceeds. <br />Council Action: <br />Approve the Release of Land from Restrictions, Quit Claim Deed and the Declaration of Easement. <br />Letter from T Bray <br />Release of Use Restrictions <br />Quit Claim Deed <br />Attachments <br />