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None. 5. HRA BUSINESS 5.01: Consider Offer to Purchase Land — Senior Housing (Portions may be closed to the public) This item was removed from the agenda upon adoption. 5.02: Consider HRA Contribution to Sunwood Drive Relocation Project Development Manager Lazan reviewed the staff report. City Engineer Himmer explained that since the bids for the Sunwood Drive Relocation Project were $500,000 under estimates, a $500,000 contribution from the HRA was no longer needed. Commissioner Backous arrived at 9:30 p.m. Development Manager Lazan modified staff's recommendation and offered three options for consideration. City Administrator Ulrich clarified if it was the HRA's desire, it could put funds towards the Sunwood Drive Relocation Project and the City Council could then decide where to reduce other funding sources. The HRA noted the Sunwood Drive Relocation Project bid came in $500,000 lower than expected so this funding was no longer needed. Support was indicated to not waive the distribution policy since the $500,000 had not been part of the original funding package and was only considered as an option in case there was a funding shortfall. Motion by Commissioner Elvig, seconded by Commissioner Tossey, to distribute the proceeds of the land sale per the existing land sale distribution policy. Motion carried. Voting Yes: Chairperson McGlone, Commissioners Elvig, Tossey, Backous, Ramsey, and Strommen and Wise. Voting No: None. 5.03: Review Development Dashboard Development Manager Lazan presented the development dashboard and advised of updates that will be made to hard costs. It was noted the dashboard includes $15 million for incentives anticipating $8 million coming from TIF and the rest from land proceeds. The HRA requested a printed copy of the development dashboard. 5.04: Review COR History and Exit Strategy Housing and Redevelopment Authority / June 26, 2012 Page 2 of 4