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HRA Executive Director Nelson responded that we have a capacity of about $10-12 million <br />today. <br />Chairperson Elvig stated one of the important factors to keep in mind is we need to build more <br />equity in The COR to get that bonding level up. If this project can cash flow itself, we don't <br />need to come back on it. <br />Chairperson Elvig also stated a key factor for him is getting them to constantly keep bringing <br />more equity back to the table. He suggested keeping a tri-party agreement open. <br />Mr. Lazan reviewed the schedule as August 9 for the day to get substantial progress on the <br />documents. From there, September 13 for the first of a series on the bonding components. <br />September 15th is the target date to close on the land; picking up at the end of February, call for <br />that sale in March and awarding the sale of bonds, April proceeds. <br />Ms. Kvilvang also wanted to mention that another item on the August 9 agenda is the <br />technicality to issue those GO2 funds, that a housing program needs to be created, and a public <br />hearing needs to be set. <br />Mr. Lazan would like to know how much information the presentation would entail. <br />Consensus was to show what the rationales are and focus on the amendments. <br />COMMITTEE REPORTS <br />None <br />EXECUTIVE DIRECTOR'S REPORT <br />None <br />COMMISSIONER INPUT <br />None <br />ADJOURNMENT <br />Motion by Chairperson Elvig, seconded by Commissioner Backous, to close the meeting of the <br />Housing and Redevelopment Authority. <br />Motion carried. <br />The meeting of the Housing and Redevelopment Authority adjourned at 11:10 p.m. <br />Housing and Redevelopment Authority / July 19, 2011 <br />Page 6 of 7 <br />