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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 />