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Stacy Kvilvang from Ehlers and Associates presented the bonds schedule and the TIF note information. She pointed out the TIF note is only issued to the developer when the TIF bonds have been paid in full. Mr. Tom Bray, Financial Consultant, reviewed the agreements. He stated earnest money of $250,000 is to be deposited in November, which is the remedy under the Purchase Agreement. Citizen Input There was none. Motion by Commissioner Strommen, seconded by Commissioner Ramsey, to close the public hearing at 7:50 p.m. Motion carried. Voting Yes: Chairperson Elvig, Commissioners Strommen, Ramsey, Backous, McGlone, Tossey, and Wise. Voting No: None. The public hearing was closed at 7:50 p.m. HRA Business Chairperson Elvig called the regular HRA meeting back to order at 7:50 p.m. Motion by Commissioner Ramsey, seconded by Commissioner Wise to adopt Resolution #HRA- 11-09-006 authorizing execution of the amended and restated Purchase Agreement and Development Agreement and authorizing the disposition of real property and to direct counsel to prepare final documents for execution incorporating changes discussed, and deliver to the buyer. Further discussion: Commissioner Tossey stated he will oppose the motion. Commissioner Strommen noted she opposed the motion the last time it was presented. She said she appreciates the amount of work going into this project, though it is a project she has trouble "wrapping her arms around." She said her preference is to have seen a more programmatic approach. Commissioner McGlone pointed out the City Hall building has only one fall back until it goes to taxpayers. The proposed project has nine layers before getting there. Motion carried. Voting Yes: Chairperson Elvig, Commissioners Ramsey, Wise, and McGlone. Voting No: Commissioners Backous, Strommen, and Tossey. Case #3 2: Public Hearing related to the Adoption of a Multi -Family Rental Housing Program and Approval of a Housing Development Project Chairperson Elvig closed the regular portion of the HRA meeting at 8:06 p.m. in order to conduct a public hearing. Public Hearing Housing and Redevelopment Authority / September 27, 2011 Page 3 of 6