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Ms. Nelson stated that given the HRA budget for legal fees, we will be outside of that. We will <br /> get the title piece done and come back to the HRA. <br /> Commissioner Ramsey stated that previously we said let's move forward and we delayed that <br /> because we thought we could work together. Now we have incurred more costs. Let's get the <br /> title work done and get the declaration moving forward. <br /> Development Manager Lazan stated that we have three Letters of Intent and one more building <br /> subject to this Master Declaration. We are keying these up for spring closings. <br /> Commissioner McGlone asked if there is anything stopping us in advance of the title work. <br /> It was noted that the authorization was as soon as the title work is back; this is work that needs to <br /> be done. Staff had been directed to move forward with the work on the declatory action. <br /> Executive Director Nelson stated that the HRA already approved the declatory action and that <br /> she can bring back a ratification of that direction. She just wanted the HRA to understand this <br /> will be on the fund balance side. <br /> Attorney Bray stated that the other issue we need to be aware of is some sort of educational <br /> process with the homeowners associations. <br /> 5.3 Consider Purchase of Tax Forfeit Parcel at North Commons <br /> Development Manager Lazan noted that the staff report was incorrect with regard to the <br /> statement "At a previous meeting of the HRA, direction was given to table discussion of the <br /> option to develop up to six single family parcels on the west side of the property known as North <br /> Commons ". The direction was to forego development of five to seven parcels within North <br /> Commons — the west side of North Commons. Revenue was to be dedicated to advance funding <br /> of the park. Originally, it was thought the development of these parcels would generate revenues <br /> that could be contributed to the improvement of the park. When a preliminary pro -forma was <br /> developed, it was determined that the cost of providing services and the development fees <br /> associated with the project left basically no revenue that could be used for park improvements. <br /> He went through the pro -forma and stated it did not make sense to preserve this piece. He stated <br /> there is a current request to purchase this parcel and there are a couple of options. We could <br /> acquire the whole piece for parkland for approximately $300 to $500, we could acquire the park <br /> portion for $300 to $500 and the developable portion for $15,000, keeping the option to develop <br /> the property for future consideration, or we could do nothing and let the property go to tax <br /> forfeit. If we do nothing, it could be subject to acquisition by the public - only the 90' strip. The <br /> rest of the park is not subject to this. He stated he would like to be able to close the file on this <br /> County work and is looking for direction on how to proceed. <br /> Commissioner Ramsey commented on the small amount of money $300 to $500 and said let's <br /> just do it. He wondered if it is currently in our Comp Plan as parkland, how someone could <br /> develop it if they purchase it; however, that is a moot point if we just purchase it. <br /> Housing and Redevelopment Authority / November 1, 2011 <br /> Page 4 of 9 <br />