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Chairperson Elvig summarized that staff would like direction on the agreement to move forward <br /> with the bank and developer in a pay -as -we go plan of 85% or $2 million, adding if the project is <br /> valued at more, staff wants to allow the $2 million plus factor. <br /> Motion by Chairperson Elvig, seconded by Commissioner Wise, to authorize staff to create an <br /> agreement to move forward with the bank allowing for the 85% TIF value or a $2 million plus <br /> factor. <br /> Motion carried. Voting Yes: Chairperson Elvig, Commissioners Wise, McGlone, Ramsey, and <br /> Tossey. Voting No: Commissioner Backous. Absent: None. <br /> HRA Executive Director Nelson stated that Flaherty and Collins representatives are available to <br /> meet with the Board and staff either July 7 or July 11, but added that Ehlers and Associates <br /> representative Stacy Kvilvang, who has assisted with the financing structure, will be out of town <br /> during this timeframe. <br /> Consensus was to hold an HRA worksession on July 7, 2011, at 5:30 p.m. in the Lake Itasca <br /> Room, and that Ehlers and Associates will provide either an alternate staff person or memo <br /> outlining financing options for consideration. <br /> COMMITTEE REPORTS <br /> None. <br /> EXECUTIVE DIRECTOR'S REPORT <br /> HRA Executive Director Nelson stated that staff efforts have been focused on the preceding <br /> cases. She added that staff had met earlier with Cronk regarding potential residential developers <br /> as well as been preparing for booths at the upcoming Game Fair and other events at The COR. <br /> She said the EDA has contributed funds to this effort as well as the HRA, and that the newsletter <br /> outlines this and other events at The Draw such as the Farmers Market beginning July 14, as well <br /> as Thursday evening entertainment events. <br /> COMMISSIONER INPUT <br /> Commissioner Tossey inquired about how the current Sunwood Drive alignment matched what <br /> was anticipated. <br /> Public Works Director Olson explained the alignment was going to be an at -grade crossing <br /> similar to Ramsey and Sunfish Boulevards, with double left turn lanes south and east bound. He <br /> said the only other example of intersection planning was at Ramsey Boulevard and the additional <br /> right -of -way that was platted, and that even though we didn't know the footprint we knew we <br /> didn't want to impact additional land. <br /> Housing and Redevelopment Authority / June 28, 2011 <br /> Page 6 of 7 <br />