Laserfiche WebLink
Development Manager Lazan said the pond expansion was just an idea as they open up sight <br /> lines. He said this will be a County and City project. <br /> Public Services Director Olson said they have shown an expanded pond separate from Solomon <br /> Pond to capture the County right -of -way and are asking for direction on that portion. <br /> Motion by Commissioner Ramsey, seconded by Commissioner McGlone, to update the <br /> components of the Alternative Urban Areawide Review (AUAR) necessary to complete the <br /> feasibility analysis of the Sunwood Drive realignment not to exceed amounts. <br /> Further discussion: Public Services Director Olson said the AUAR does not include design work <br /> on Armstrong Boulevard, adding that estimate will be brought back soon. <br /> Motion carried. Voting Yes: Chairperson Elvig, Commissioners Ramsey, McGlone, Backous, <br /> Tossey, and Wise. Voting No: None. Absent: None. <br /> Case #2: Consider Proposed Deal Structure — The Residence at The COR Project <br /> (Portions may be closed to the public) <br /> Executive Director Nelson reviewed the staff report. <br /> Chairperson Elvig inquired about financial ramifications. <br /> HRA Executive Director Nelson said there have been no discussions with Flaherty and Collins <br /> with regard to an extension. <br /> Chairperson Elvig expressed concern with authorizing moving forward on setting the value <br /> because it will result in taking the 85% as outlined. <br /> HRA Executive Director Nelson said the Board is already in agreement with the 85% Tax <br /> Increment Financing (TIF) as outlined in the current purchase agreement approved in December, <br /> but added the number that "floats" is the assessed value by appraisal and assessed value by the <br /> County. She said staff is asking for flexibility in setting the TIF note once the final value is set. <br /> Commissioner Backous asked why not set the value at the lower of the two. <br /> HRA Executive Director Nelson said we could take that position but if the land is assessed at a <br /> value higher than the value of the note it is paid back more quickly and will be a benefit to the <br /> developer. She said as a financing component we'd be better off capturing the value longer to get <br /> as much cash flow through the project longer. <br /> Chairperson Elvig said the added value adds to the project overall. <br /> Commissioner McGlone noted that without the building there would be no TIF or The COR. <br /> Housing and Redevelopment Authority / June 28, 2011 <br /> Page 4 of 7 <br />