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Commissioner Elvig .stated his understanding that the HRA had remedies in place if they extended but now the deadline is passed and there is no documentation in place. Development Manager Lazan noted Toti /Suite Living had paid to extend but the deadline is gone so the HRA could notice them it will cancel the contract or bring another tool forward to put Toti /Suite Living back under agreement. He explained the partial closing is in rough form and he will discuss that option again tomorrow with Toti /Suite Living. It would involve a partial payment of half the total sale value up front, close the sale, and the HRA would carry a six - month note that would have to be fulfilled prior to starting construction. That option allows Toti /Suite Living to close with the existing environmental work so they can focus on financing construction. Commissioner Elvig stated he remains concerned because the deadline was passed and the HRA did not act on it. He noted a contract is in place, has not been met, and been extended four times previously. Commissioner Elvig stated this is an important project and piece of ground and holding it has locked other's ability to come to Ramsey for senior assisted housing. He believed this should be discussed by the HRA on a timely basis; however, it was still not scheduled for discussion. Commissioner Ramsey asked what the drop -dead date is. Development Manager Lazan stated it was January 15 but it is not uncommon to let that date go by and get to a decision point. He stated he plans to bring a proposal forward for the HRA's consideration at its February 14, 2012, meeting. Commissioner Strommen stated she would be willing to meet in special session to respond to real estate negotiations. She indicated she is also concerned the deadline was January 15 and the HRA is not meeting again for a month from that date. She stated the HRA needs to be able to respond. Commissioner Tossey concurred that discussion needs to occur and a contract should mean something. He stated the HRA needs to consider if it is willing to let it go on and on and he believed holding that discussion a month beyond the drop -dead date is too long. Commissioner Ramsey stated he is also concerned that is too long but noted this perspective purchaser has paid a significant amount of money for the extensions and that is not refundable. Commissioner Ramsey agreed the HRA needed to make sure it holds contracts to a higher value but he believed Toti/Suite Living was committed because it has paid $110,000 in non - refundable fees. Chairperson McGlone concurred the HRA was at a point of concern, noting Toti/Suite Living had passed contract deadlines four times. Development Manager Lazen clarified that the other times staff had prepared and presented an extension before the deadline. Housing and Redevelopment Authority / January 24, 2012 Page 3 of 5