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Case #1: Consider Fifth Amendment to Purchase Agreement — Suite Living Development Manager Lazan reviewed the staff report to consider a fifth amendment to a purchase agreement with TOTI Holdings, LLC, Suite Living (TOTI) to extend the proposed closing date of February 15, 2012. TOTI proposes closing on the property in March with a $20,000 extension fee and one -half the purchase price due, and the remainder on a six -month note payable to the HRA before construction can commence. Commissioner Elvig commented the City was out paced by Anoka. He stated this project needs to move forward or risk losing the City's demographic. He stated the City and TOTI would share the land purchase. Development Manager Lazan replied TOTI would get title to the property. He stated if they are unable to obtain further funding, TOTI would forfeit the property and the City would take the property back. He stated there is a benefit in moving forward. Commissioner Elvig stated he has not heard of a situation like this and asked if the City's demographic is stable. He also asked if this project approach is acceptable to the City Attorney. Chairperson McGlone replied he does not see the need to consult the City Attorney on this issue. HRA Executive Director Nelson stated the documents were drafted by Tom Bray and stated if TOTI is unable to pay off the note and move forward, the title is surrendered to the City. Development Manager Lazan stated the market is stable. He indicated TOTI has also been watching Lord of Life and noted Stoney River has 83 member beds. He stated the agreement needs to be executed by March 1. Motion by Chairperson McGlone, seconded by Commissioner Elvig, to approve the proposed amendment to the purchase agreement and direct the Executive Director to execute the document upon receipt of the extension fee and prepare a notice of termination of March 1, 2012. Motion carried. Voting Yes: Chairperson McGlone, Commissioners Elvig, Backous, Tossey and Wise. Voting No: None. Absent: Commissioners Ramsey and Strommen Case #2: Consider 2012 ICSC ReCON Attendance and Budget HRA Executive Director Nelson reviewed the staff report for the HRA to attend and exhibit at the 2012 ICSC ReCON conference. She stated the conference is good for networking with real estate professionals, retailers and developers from throughout the country. She stated the marketing materials used for the conference are stocked and ready to be shipped. A commitment is needed soon in order to reserve booth space. Development Manager Lazan agreed it is an important conference for the HRA to participate in. Housing and Redevelopment Authority / February 21, 2012 Page 2 of 5