06/21/11 Work Session - Laserfiche WebLink

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Ehlers and discussed the financing that is under consideration. What the bank proposes for their loan amount will be a large factor in the financing. Development Manager Lazan added the bank gained more trust in the market and this project. He explained County Commissioner Look was involved in the meeting as well. Discussion took place on how the TIF dollars would work and the participants learned the importance of the rail stop to the project. Commissioner Tossey asked what the closing date is. Development Manager Lazan answered it is July 15, which is the last date to opt out. City Administrator Ulrich confirmed this item raises a lot of discussion. He said he will present this project as an investment opportunity to the HRA. An overview of the project and possible financing for the ramp will be on the next HRA meeting agenda. He stated the City will present a proposal that does not use any of the General Obligation Fund. EXECUTIVE DIRECTOR'S REPORT Executive Director Nelson presented the following: Five builders submitted bids for the parking ramp. The bids will be presented at the next Council meeting, and there are 60 days to award the bid. Some employees are participating in the Unity/Mercy event on July 11. Planning is underway for the City's booth at the Game Fair. This will take place over two weekends in August and they are looking for volunteers to sign up for shifts. Tuesday, August 16, is the City EDA golf events. This is the same day as the election for the new Councilmember. She noted she will bring the marketing effort forward. TIF Certification is going forward to the County this week. The Holiday StationStore has been demolished. The sign for The COR is installed and the electrical will be run underground. The Concert at the Draw will be Big Walter Smith this Thursday at 7:00 p.m. to 8:30 p.m. Parking could be an issue. Executive Director Nelson and Development Director Lazan had taped a show on QCTV regarding The COR. City Administrator Ulrich noted the first race scheduled at the new raceway is planned for July 8. Housing and Redevelopment Authority / June 21, 2011 Page 4 of 5