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Commissioner Elvig asked Ms. Kvilvang for her professional opinion on this project and <br />whether the City is in a good and safe position. <br />Ms. Kvilvang stated the HRA is entering into a real estate transaction that has risks, which were <br />always outlined, and the HRA still decided to move forward. She explained that what the HRA <br />is doing is not unusual and has been done by other HRAs, some successfully and some not. Ms. <br />Kvilvang stated it depends on the goal of the community, the HRA determined to move this <br />forward, and the consultants have done all they can to protect the City and place it in the best <br />position. <br />Commissioner Elvig asked if other cities have put in this much with such little protection. He <br />stated he had talked with others and all indicated they have never seen this unprecedented level <br />of investment. <br />Ms. Kvilvang indicated she has seen it in a Brooklyn Park project where they determined to <br />change and transform an apartment complex, hoping to be in and out in three to four years but it <br />took 17 years to get the majority of money back. <br />Commissioner Ramsey stated he has always known this was a risk, as was buying The COR, but <br />he has always looked at the rewards, which the City is already reaping in the train stop. He <br />stated he understands this risk is too big for some Commissioners to be comfortable with, but not <br />too big for other Commissioners. He believed it was a catalyst project and structured as good as <br />the HRA can get. <br />EXECUTIVE DIRECTOR'S REPORT <br />None. <br />CONIlVIISSIONER INPUT <br />None. <br />ADJOURNMENT <br />Motion by Commissioner Ramsey, seconded by Commissioner Wise, to adjourn the Work <br />Session meeting of the Housing and Redevelopment Authority. <br />Motion carried. <br />The regular meeting of the Housing and Redevelopment Authority adjourned at 6:07 p.m. <br />Housing and Redevelopment Authority / February 28, 2012 <br />Page 7 of 8 <br />