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Commissioner Wise stated he would prefer to see at least two signs, noting it is an easier way to communicate to the residents. Consensus was reached to erect two signs. Case #2: Consider Letter of Intent - West 30 Retail (Portions may be closed to the public) Development Manager Lazan reviewed the staff report. He noted after meeting with the first developer a year or so ago, they submitted a Letter of Intent. City Attorney Goodrich noted that this meeting can move into closed session to discuss land sale pricing. Motion by Commissioner Ramsey, seconded by Chairperson Elvig, to move to closed session. Motion carried. Voting Yes: Chairperson Elvig, Commissioners Ramsey, Backous, McGlone, Strommen, Tossey, and Wise. Voting No: None. Absent: None. The Special HRA meeting moved into a closed session at 8:28 p.m. Motion by Commissioner Ramsey, seconded by Commissioner Wise, to open the closed meeting. Motion carried. Voting Yes: Chairperson Elvig, Commissioners Ramsey, Wise, Backous, McGlone, Strommen, and Tossey. Voting No: None. Absent: None. The closed session ended at 9:00 p.m. Commissioner Ramsey stated he is in favor of the proposal, though due diligence must be conducted on the developer. Development Manager Lazan noted he did visit their office as part of due diligence. He explained this proposal is a three year timeline, 3 acres a year for 4 years, which is dependent on the overpass. If the Board agrees, he will draw up a purchase agreement and present drafts to the Board prior to bringing it forward to the developer. Direction was given to move forward with discussions toward a purchase agreement. Discussion took place regarding the advantages and disadvantages of setting a precedent, and setting up guideposts. Commissioner Wise pointed out this is not the first time a large piece of property has been developed. The first developer will get the best price, which is common knowledge among developers. Housing and Redevelopment Authority / September 6, 2011 Page 2 of 4