04/05/11 Work Session - Laserfiche WebLink

Home

Commissioner Ramsey stated there is a misconception — now it will be a stick building — not a modular — but it looks basically the same. Mr. Lazan added that to give us the product we want is a new prototype for them. Staff will prepare the final documents for approval at the next regular HRA meeting. Case #2: Consider Proposed Amendment to Purchase Agreement — The Residence at The COR HRA Executive Director Nelson reported that this case is also a request to amend a purchase agreement by Flaherty and Collins (The Residence). They are proposing to modify two dates: the April 15 date to exercise their option to cancel due to financing being extended to May 15 and the closing date be extended from April 29 to June 15. She noted that she has had conversations with Tom Bray and Mary Ippel regarding this. We are utilizing some special legislation - using TIF funds from other districts. She added that we are looking for direction this evening — not asking for approval — just discussion. We also "discussed this afternoon that we should ask Flaherty and Collins to submit some cash. Development Manager Lazan stated it's important we understand the characterization. We are talking about 45 versus 30 days. They continue to negotiate — it's difficult but they are moving forward. He pointed out this is a pretty nominal extension. He stated he is a little concerned about asking to extract more money from them. This benefits both F & C and the City. These two dates just get extended and we will make sure they get from us what they need to get this done. Chairperson Jeffrey stated he asked what earnest money was with this and there was none. He stated that's why he asked is there something we could have to motivate a closing on this project. Commissioner Wise asked what this does to the timeline of the parking ramp extension. Mr. Lazan stated this is a very tight coordination we are working through. If we slide the ramp as far as we can, we run into winter conditions. The May 15 date gives us the opportunity to know what's going on. June 15 gives us answers before the June 28 bid date. Director of Public Works Olson stated that he asked this specific question to LSA: Do we jeopardize our federal funding. This is based on changing the overall completion deadline to be next year. We designed our deck to be built somewhat before. He reviewed an email conversation with Jim Lasher where Mr. Lasher stated the following: The apartment project is not a catalyst to build the CMAQ project. Transit expansion at Ramsey and the addition of a new rail station is critical to the success of NorthStar — a $375 million regional transit improvement. Safe convenient and dedicated parking is a requirement of the City to receive a new rail station — not moving forward with the parking expansion may jeopardize the rail station. Mr. Lasher suggested moving forward with the parking ramp project immediately upon official notification of our rail station agreement with Met Council. If the rail station decision is delayed, Housing and Redevelopment Authority / April 5, 2011 Page 3 of 6