Laserfiche WebLink
<br />Development Manager Lazan said not really because of Bunker Lake Boulevard on the other <br />side. <br /> <br />Motion by Commissioner Ramsey, seconded by Vice Chair McGlone, to authorize grading work <br />in the 12th Addition and an expenditure of HRA funds for seed and hydro seeding not to <br />exceed $10,000. <br /> <br />Motion carried. Voting Yes: Chair Elvig, Commissioners Ramsey, McGlone, Backous, Tossey, <br />and Wise. Voting No: None. Absent: None. <br /> <br />Case #3: Update on Flaherty and Collins Financing - The Residences at The COR <br />Project <br /> <br />Development Manager Lazan reviewed the staff report and stated staff will be reviewing the site <br />and The COR with Flaherty and Collins this week and hope to resolve any questions so they can <br />bring the project to their loan committee to finalize. After consultations with the financial <br />consultant, Development Manager Lazan reviewed a rough analysis for the Authority with <br />regard to rents and cash flow. He said if the Authority proceeds to finance the project based on <br />the figures today there are adequate funds to service the debt, so nothing will fall back to the <br />taxpayers. He outlined the proposed schedule leading to the June 28 regular HRA meeting. <br /> <br />Commissioner Ramsey cautioned the Authority about getting ahead of itself. He said <br />negotiations are still occurring with the bank and there has been no Planning and Zoning <br />Commission review. <br /> <br />Commissioner Tossey agreed, adding it will be important to allow time to discuss the <br />possibilities. He stated the decision will be based on how each member feels about the finances <br />of this project and how City government should be involved in private development. <br /> <br />Commissioner Ramsey asked the City Attorney to review the closed session statutes regarding <br />the sale or purchase of personal or real property. <br /> <br />Development Manager Lazan said they understood the gravity of the project and will clearly <br />outline the pros and cons for the consideration. <br /> <br />COMMITTEE REPORTS <br /> <br />None. <br /> <br /> <br /> <br />HRA Executive Director Nelson stated that much of her time has been directed toward public <br />relations and media efforts but, hopefully, they have addressed the issues and can begin work on <br />the development project. She stated that Flaherty and Collins will arrive on June 16 and staff has <br />been busy preparing for their visit with Ehlers and Associates. HRA Executive Director Nelson <br />Housing and Redevelopment Authority / June 14, 2011 <br />Page 3 of 4 <br /> <br />