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5. HRA BUSINESS <br />5.01: Consider Offer to Purchase Land — Sunwood Drive and Ramsey Boulevard <br />(Portions may be closed to the public) <br />Development Manager Lazan reviewed the staff report. It was noted that the HRA previously <br />approved a purchase agreement with KONA Properties on the first site at Sunwood Drive and <br />Armstrong Boulevard. Tonight's consideration is on a purchase agreement with KONA <br />Properties on a second site. He indicated if the HRA would like to negotiate the financial terms, <br />the meeting could move into closed session. <br />The HRA indicated the meeting could proceed without closed session. <br />Development Manager Lazan presented the terms of the purchase agreement for Lot 1, Block 1, <br />COR FOUR, anticipated for spring construction. This 1.25 -acre site is located at the southwest <br />corner of Ramsey Boulevard and Sunwood Drive; however, the exact size is yet to be determined <br />and may be a larger site. The purchase price is $11 /sq. ft. or approximately $600,000 with <br />$25,000 earnest money that would be refundable through due diligence period (about 60 days). <br />He advised of the seller's obligation and development fees. <br />Motion by Commissioner Wise, seconded by Commissioner Ramsey, to approve the proposed <br />purchase agreement for Lot 1, Block 1, COR FOUR, located at the southwest quadrant of <br />Sunwood Drive and Ramsey Boulevard. <br />Motion carried. Voting Yes: Chairperson McGlone, Commissioners Wise, Ramsey, Backous, <br />Elvig, Strommen, and Tossey. Voting No: None. <br />6. DEVELOPMENT TEAM REPORT <br />Development Manager Lazan reported on resolution of platting issues, anticipated closing dates, <br />and recording of the Master Declaration. <br />HRA Executive Director Ulrich reported on staff's meeting with DEED and suggestion to look at <br />shovel ready project certification for some of The COR projects, which will be pursued. He also <br />reported on progress with the 2013 HRA budget and request for Anoka County HRA funds. <br />7. COMMISSIONER INPUT <br />None. <br />8. ADJOURNMENT <br />Motion by Commissioner Backous, seconded by Commissioner Tossey, to adjourn the regular <br />meeting of the Housing and Redevelopment Authority. <br />Motion carried. <br />Housing and Redevelopment Authority / September 25, 2012 <br />Page 2 of 3 <br />