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Development Manager Lazan stated it had originally been discussed as three years but he would <br />suggest determining and affixing milestones of the overpass. He stated it is known there is <br />existing capacity for a certain level of retail and a timing schedule will be refined for the HRA's <br />review. <br />Mr. Osborne commented that sooner is better but he knows projects always take longer and cost <br />more than you want. <br />Commissioner Ramsey asked whether there is potential for development without a big box, with <br />the exception on the southwest corner of the new Sunwood Road and Armstrong Boulevard <br />intersection. <br />Mr. Osborne stated there is some potential for interim development, small scale, such as 3-4,000 <br />square foot tenants that may come without the interchange. <br />Commissioner McGlone noted the Hanson Boulevard bridge project was accomplished through <br />equity partners to advance the project and then receive reimbursement. <br />Mr. Osborne stated he knows some tax-exempt investors. In that type of project, the investor <br />would receive tax exempt in return but the City has to be sure it has sufficient revenue. <br />Commissioner McGlone noted the bridge could be constructed very soon if financing can be <br />found. <br />City Administrator Ulrich stated staff will research how a private component could fit into the <br />State bonding proposal or federal grant request. <br />EXECUTIVE DIRECTOR'S REPORT <br />None. <br />COMMISSIONER INPUT <br />None. <br />ADJOURNMENT <br />Motion by Commissioner Ramsey, seconded by Commissioner Wise, to close the regular <br />meeting of the Housing and Redevelopment Authority. <br />Motion carried. <br />The regular meeting of the Housing and Redevelopment Authority adjourned at 9:32 p.m. <br />Respectfully submitted, <br />Housing and Redevelopment Authority / November 15, 2011 <br />Page 5 of 6 <br />