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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 />