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Commissioner Backous agreed, noting you will be able to also view it from the apartments. He <br />asked if a slatted frame can be designed to screen the flat roof. <br />Commissioner Elvig stated support for the metal sloped roof. He noted the wrought iron fencing <br />needs to be located so it is not damaged by snow removal. Commissioner Elvig asked about the <br />two yellow bollards. <br />Development Manager Lazan stated that is the carwash keypad and they can address color. <br />Commissioner Elvig suggested a slight pitch on the canopy and a different color for the sides of <br />the canopy to better tie into the building. <br />Commissioner Ramsey asked where the gas prices will be advertised. <br />Development Manager Lazan reviewed the location of that signage. <br />4. COMMISSIONER INPUT <br />4.01: Discuss Early Principal Reduction Payment — The Residence at The COR. <br />Development Manager Lazan reviewed the staff report and agreement terms. <br />Finance Director Lund explained there are two separate accounts; capitalized interest and bond <br />proceeds. As of today, they have received the sixth draw ($1.3 million) and once paid, there will <br />be about $3.2 million remaining on the bond to be paid. <br />Commissioner Wise asked who pays for modifying the contract. <br />Development Manager Lazan stated he can get a cost estimate for document preparation and ask <br />The Residence to repay that amount. <br />Commissioner Wise stated it should not be an HRA cost. <br />Chairperson McGlone noted when you accept a credit card payment, you pay a fee and in <br />business he is willing to pay a little bit to get the money. <br />Commissioner Backous asked whether the $500,000 would be transferred from bond principal to <br />reduce the capitalized interest. <br />Commissioner Tossey arrived at 7:54 p.m. <br />Finance Director Lund distributed a listing of payments received to date, clarifying it is <br />developer overhead and not developer fees. It was noted the developer overhead totaled $1.2 <br />million. That is counting against the bond amount. She explained it will count against our total <br />Housing and Redevelopment Authority / October 2, 2012 <br />Page 2 of 9 <br />