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Commissioner Ramsey noted the proper motion would be to terminate the contract and <br />renegotiate the contract, as it is against policy to revise contracts while they are in effect. <br />Commissioner Backous stated that was his intent. <br />Amendment Motion by Commissioner Backous, seconded by Commissioner Strommen to add <br />Case #3 Discuss Termination of Landform Contract and approve the agenda as amended. <br />Further discussion: Commissioner Strommen suggested the title of the case be changed to <br />"Discuss the Renegotiation of the Contract." She indicated she had seconded the motion in order <br />to add it to the agenda for discussion. Commissioner Ramsey commented he preferred to bring <br />this to a work session as the meeting tonight may not be the appropriate venue. Commissioner <br />McGlone questioned whether this item can be added since it was not made public prior to the <br />meeting. City Attorney Goodrich explained this is a regular HRA meeting and items can be <br />added. Commissioner Wise requested this item be added to a work session. <br />Motion carried. Voting Yes: Chairperson Elvig, Commissioners Backous, Strommen and <br />Tossey. Voting No: Commissioners Ramsey, McGlone and Wise. None. <br />APPROVAL OF MINUTES <br />Motion by Commissioner Ramsey, seconded by Commissioner Wise, to approve the following <br />minutes: <br />HRA meeting minutes dated Tuesday, June 14, 2011 <br />HRA meeting minutes dated Tuesday, June 21, 2011 <br />Motion carried. Voting Yes: Chairperson Elvig, Commissioners Ramsey, Wise, Backous, <br />McGlone, Strommen, and Tossey. Voting No: None. Absent: None. <br />HRA BUSINESS <br />Case #1: Consider Proposed Deal Structure — The Residence at The COR Project <br />Development Manager Lazan reviewed the staff report. <br />Executive Director Nelson reviewed the history, market, demographic and economic benefits of <br />the project. She noted there will be an additional 200 jobs in construction of the three main <br />projects in The COR, and the number of spinoff jobs would be more than 600. She reviewed the <br />project timeline, which projects the opening of this project in the fall of 2012. <br />Development Manager Lazan reviewed the existing deal points: $250,0000 land sale included <br />300 parking stalls; $2 million pay as you go TIF note; $1.3 million loan for a 10-year term.; <br />development fees paid from TIF balances and $16 psf lease backstop on retail. He noted there <br />have been several financial challenges. The project was presented to 40 banks, and 3 brokers. <br />Housing and Redevelopment Authority / August 23, 2011 <br />Page 2 of 6 <br />