06/12/12 - Laserfiche WebLink

Home

are $65 million. Because of the need to address cash flow, an informal policy was set to contemplate each project as it comes forward, to calculate TIF from that project, and use it to support that specific project. He asked the HRA if it wanted to step in advance of receiving revenue, or wait for revenue to be in place. City Administrator Ulrich indicated the HRA's basis in the land is $2.50 /square foot. He noted the Sunwood Drive project adds both value and costs, and eventually the City needs to reach a break -even point for the money it put into the project. City Administrator Ulrich stated land proceeds are an important part of the disbursement policy to pay back the Water Fund for money borrowed to purchase the land. He believed there was a good argument to say the HRA was still investing in the property to do a land trade between the HRA and City and put the land proceeds into infrastructure costs to make it more probable to get additional land proceeds. Commissioner Ramsey supported the recommendation of staff and the Development Team for the HRA to give this parcel to the City to invest into this project. Commissioner Tossey agreed and stated he could also support, in this particular case, to use those proceeds for this project. City Engineer Himmer asked if the HRA knows the size of the parcel, noting it has not yet been platted. Development Manager. Lazan stated they contemplated a one -acre parcel for a net usable one- acre parcel at just over $500,000. City Engineer Himmer noted it will be more than an acre because of the need to develop access roads and parking to support it and future lots. Development Manager Lazan agreed the HRA also takes on the burden to reconfigure access from Sunwood Drive to the Colburn's anchored site. Commissioner Strommen requested staff provide all of the details mentioned by City Engineer Himmer as well as the budget with all costs so the HRA has a full understanding of how to get to net proceeds. The consensus of the HRA was to move forward and direct staff to prepare a resolution for consideration at a future meeting to donate the land sale proceeds. Commissioner Wise returned to the meeting at 9:54 p.m. 5.03: Consider Offer to Purchase Land — North Commons — Portions of this discussion may be closed to the public Development Manager Lazan reviewed the staff report. Housing and Redevelopment Authority / June 12, 2012 Page 3 of 6