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Development Manager Lazan advised the basic outline for this deal is a relatively low price point <br />but includes what staff believes it will take to get a large format retailer on the ground. The city <br />would not pay a subsidy to the developer and TIF would be used not for the project but for <br />public infrastructure. Development Manager Lazan explained that Mr. Osborne prefers the City <br />take the role as the master developer so TIF will be reserved for infrastructure improvements, <br />and/or interchange, and/or master developer expenses. Any subsidy would be built into the price <br />point. <br />Chairperson Elvig noted that depends on what the HRA has in cash. <br />Development Manager Lazan explained that improvements would be paced as economic <br />development occurs. <br />Commissioner Tossey asked whether a large format retailer would make or break the <br />interchange. <br />Mr. Osborne answered in the affirmative. <br />Commissioner Wise asked whether the City's architectural standards are too great. <br />Development Manager Lazan advised that Mr. Osborne has not seen the new guidelines. <br />Mr. Osborne stated he briefly discussed the architectural standards with Development Manager <br />Lazan. <br />Commissioner Ramsey asked whether the interchange will have to be in place and operational <br />before a large format retailer will start construction or if an assurance of construction is adequate. <br />Mr. Osborne felt that once construction of the interchange commenced, a large format retailer <br />would potentially commence construction the following season. He added that tomorrow's <br />events with the commuter rail will be a big step in getting the message across that the City can <br />deliver when promised. Unfortunately, the large format retailer will want to see the funding in <br />place and shovel in the ground before committing its dollars. <br />Commissioner Tossey stated Ramsey will be asking the Legislature for help to fund the <br />interchange and asked if approval of that funding would be enough for the large format retailer. <br />Mr. Osborne felt at that point the large format retailer would probably start its due diligence but <br />not commence construction. <br />Commissioner Backous asked about Mr. Osborne's more recent projects. <br />Mr. Osborne noted Mr. Cronk had toured the east side of greater Cleveland. <br />Ryan Cronk, Cronk Real Estate, commented positively on the tour. <br />Housing and Redevelopment Authority / November 15, 2011 <br />Page 3 of 6 <br />