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according to the schedule. He stated the HRA could wait three to four years until the market <br />improves but the return of investment is to get homes built, park dedication, and create synergy <br />that is of benefit. <br />Chairperson McGlone felt someone has to develop it or the lots will never sell. <br />Commissioner Strommen noted it indicates "funding source to be determined" and asked what is <br />the funding source to cover the up -front costs of acting as the developer. <br />Development Manager Lazan explained the HRA is paying itself for the land and development <br />fees can come in over time but professional fees and construction costs are up front. <br />HRA Executive Director Ulrich stated in order to ensure the City has the cash to carry through; it <br />would encumber undesignated money from the Landfill Trust Fund so it would not impact the <br />General Fund tax base. <br />Development Manager Lazan stated the HRA will sell one lot within 60 days and receive earnest <br />money. <br />It was noted that under Minnesota Statutes, the meeting can move into closed session to discuss <br />confidential or non-public appraisal data and acquisition negotiations. Development Manager <br />Lazan indicated closed session discussion will relate to the sale of property located at Bunker <br />Boulevard and Azurite Street NW, known as the North Commons residential parcels, and <br />creation of roughly 17 residential lots on HRA property as well as platting of the parkland <br />associated with North Commons. The closed session will be tape recorded and that tape will be <br />maintained for a period of eight years. <br />Motion by Commissioner Ramsey, seconded by Commissioner Wise, to move to closed session. <br />Motion carried. Voting Yes: Chairperson McGlone, Commissioners Ramsey, Wise, Strommen, <br />and Tossey. Voting No: None. Absent: Commissioners Backous and Elvig. <br />The Special Session HRA meeting moved into a closed session at 7:23 p.m. <br />The Special Session HRA meeting was opened to the public 7:50 p.m. <br />Development Manager Lazan stated the HRA held discussion and no final decision was reached <br />on the Purchase Agreement. <br />The consensus of the HRA was to support the proforma for the proposed North Commons area. <br />The HRA agreed to reorder the agenda to next consider Case 5.03. <br />5.03: Review Single Family Lot Creation at North Commons — Grading and Soil <br />Corrections <br />Housing and Redevelopment Authority / June 5, 2012 <br />Page 4 of 10 <br />