07/17/12 Work Session - Laserfiche WebLink

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Chairperson McGlone noted the HRA has entertained offers from other developers but some projects have been delayed because they were not as well funded. He stated it is the HRA's objective to consider deals with developers who will build now and not hold the property for a future date. Mr. Geese stated they have other investment companies as financial partners and use a real estate investment trust to make acquisitions and start the project. He indicated they own eight facilities worth $30 million and also raise money from the outside, mostly from North Dakota and some from Minnesota. Mr. Geese stated they do not have unlimited access to resources, but it has not been a problem for his company. Chairperson McGlone noted the initial site is along Lake Ramsey. He asked if they are proposing a two -story project or if there is anything at four stories. Development Manager Lazan stated the HRA is looking for an urban project with a minimum of two stories. Farther south, the HRA wants want to focus three- and four -story buildings but the initial site for this proposal is on the other side of the parkway where two stories would be appropriate. Mr. Geese stated they prefer two stories and would locate the dining room on the second level. He advised that typically_ a third level is used for more independent residents but the entire facility is licensed for housing with services. Mr. Geese assured the HRA they would definitely look at a third story because a two -story building with a flat roof does not look that great. In addition, they could locate their corporate offices in the third story. Development Manager Lazan advised that under Minnesota Statutes, the meeting can move into closed session to discuss acquisition negotiations. He indicated the closed session discussion will relate to the sale of property, 3.5 acres located at the northeast quadrant of Center Street and Ramsey Parkway. The closed session will be tape recorded and that tape will be maintained for a period of eight years. Motion by Commissioner Tossey, seconded by Commissioner Wise, to move to closed session to discuss land purchase negotiations. Motion carried. Voting Yes: Chairperson McGlone, Commissioners Tossey, Wise, Backous, Elvig, Ramsey, and Strommen Voting No: None. The HRA meeting moved into a closed session at 6:15 p.m. The HRA reconvened in open session at 6:41 p.m. City Attorney Goodrich stated the HRA held discussion and gave direction to staff to negotiate an offer. 2.02: Consider Offer to Purchase Land — Drive -Thru Restaurant (portions may be closed to the public) Housing and Redevelopment Authority / July 17, 2012 Page 3 of 5