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City Administrator Ulrich and Development Manager Lazan reviewed the staff report. <br />Commissioner Strommen asked about the transition from the risk abated to the return realized, <br />noting it would be good to look at where the HRA is on that spectrum and what is needed to get <br />to the return realized category. She asked what should the HRA focus on to get there and <br />mitigate risk as quickly as possible. <br />Development Manager Lazan explained this is all part of the strategic planning piece and will be <br />placed on a future agenda to gain HRA input. <br />Commissioner Tossey stated it appears the focus has changed since the start of the project when <br />it was thought pad ready sites would lead to return realized. He stated his support to get the City <br />out of the development business and asked when the HRA will start to get offers. <br />Development Manager Lazan explained that is difficult to answer because it is multifaceted. He <br />advised the market on the commercial side is seeing a return, though not yet proven, and market <br />confidence is important to getting offers. <br />Commissioner Tossey asked if the HRA was not prepared when this strategy was created, the <br />market did not allow it, or was that still unknown. <br />Development Manager Lazan stated he struggles with the feeling that the HRA is behind with <br />pieces of the project, such as when the bridge is coming, clearing title, or the timing of the <br />Flaherty & Collins project. He concurred that momentum and market confidence were issues. <br />Development Manager Lazan stated he is excited with what has been accomplished in two years <br />to complete title work, get the rail station, and the Sunwood Drive project because retailers want <br />a timeline on the overpass before proceeding. <br />Commissioner Ramsey stated the HRA could not get to the exit strategy because the property <br />was not aligned. Now that has occurred and the Master Declaration issues were completed. <br />6. DEVELOPMENT TEAM REPORT <br />Development Manager Lazan reported the first North Commons lot is under contract and the plat <br />will be considered on July 10, 2012. He also reported that Jonathan Myers who owns the <br />townhome sites outside of The COR is excited with the progress being made and will be in town <br />to talk about his project. <br />HRA Executive Director Ulrich provided road project updates and announced upcoming events. <br />7. COMMISSIONER INPUT <br />None. <br />8. ADJOURNMENT <br />Housing and Redevelopment Authority / June 26, 2012 <br />Page 3 of 4 <br />