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Development Manager Lazan clarified that Osborne Capital will not get the projects done faster <br /> than staff will get it done. <br /> Chairperson McGlone stated there has been no agreement with Walgreen's and he thinks this <br /> proposal results in a "wash" because Kwik Trip is at $11 /sq. ft. <br /> Motion by Commissioner Tossey, seconded by Commissioner Backous, to move to closed <br /> session to discuss potential land sales in the Sunwood Retail Area. <br /> Motion carried. Voting Yes: Chairperson McGlone, Commissioners Tossey, Backous, Elvig, <br /> and Strommen. Voting No: None. Absent: Commissioners Ramsey and Wise. <br /> The HRA meeting moved into a closed session at 10:15 p.m. <br /> The HRA meeting returned to open session at 10:20 p.m. <br /> Chairperson McGlone indicated the HRA discussed a concept offer for a bulk purchase of land at <br /> the southeast corner of Armstrong Boulevard and Sunwood Drive, the Sunwood Retail Area, and <br /> had requested staff provide more detail. <br /> Commissioner Backous requested a summary of the due diligence conducted of Osborne Capital. <br /> Commissioner Wise returned to the meeting at 10:21 p.m. <br /> Case #4: Review of 2011 Efforts and 2012 Goals and Objectives <br /> Development Manager Lazan presented the Development Management Recap for 2011 and goal <br /> setting for 2012. <br /> Commissioner Tossey asked for an update on the bonding bill. <br /> City Administrator Ulrich stated he is not aware of one being passed but will check on the status. <br /> The HRA discussed its desire to sell The COR property in an expedient manner, get back the <br /> City's investment, and get out of the real estate business. Development Manager Lazan was <br /> asked to provide financial information and the dashboard whenever requesting the HRA's input <br /> on sale prices and financial matters. It was agreed that the HRA members do not have expertise <br /> in real estate and rely on the Development Manager to provide an accurate and professional <br /> recommendation on the appropriate sale price. <br /> The HRA acknowledged that residents have raised questions about The COR land sales <br /> considered by the HRA, the value of Landform's contract, and have a perception of mistrust. It <br /> was agreed that Members are doing their job by asking questions and doing so does not <br /> disparage Landform or Mr. Lazan. <br /> Housing and Redevelopment Authority / January 17, 2012 <br /> Page8of9 <br />