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3. APPROVE AGENDA <br />The agenda was approved as submitted. <br />4. APPROVE MINUTES <br />Motion by Commissioner Ramsey, seconded by Commissioner Wise, to approve the following <br />minutes: <br />HRA Work Session — October 2, 2012 <br />HRA Regular Session — October 9, 2012 <br />Motion carried. Voting Yes: Chairperson McGlone, Commissioners Ramsey, Wise, Backous, <br />Strommen, and Tossey. Voting No: None. Absent: Commissioner Elvig. <br />5. HRA BUSINESS <br />5.01: Approve Purchase Agreement — Lot 4, Block 1, COR TWO (Portions were closed to <br />the public) <br />Development Manager Lazan reviewed the staff report and asked if the HRA would like to <br />discuss the option agreement/purchase agreement details in closed session. <br />City Attorney Goodrich advised that under Minnesota Statutes, the meeting can move into closed <br />session to discuss confidential purchase agreements. He indicated closed session discussion will <br />relate to property acquisitions of Lot 4, Block 1, COR TWO for future development. The closed <br />session will be tape recorded and that tape will be maintained for a period of eight years. <br />Motion by Commissioner Ramsey, seconded by Commissioner Tossey, to move to closed <br />session to discuss acquisition negotiations. <br />Motion carried. Voting Yes: Chairperson McGlone, Commissioners Ramsey, Tossey, Backous, <br />Strommen, and Wise. Voting No: None. Absent: Commissioner Elvig. <br />The HRA meeting moved into a closed session at 9:02 p.m. <br />The HRA reconvened in open session at 9:12 p.m. <br />Development Manager Lazan stated during the closed session the HRA held discussion and <br />reached consensus to approve the purchase agreement for construction of a prototype McDonalds <br />Restaurant. The offer under contract includes $5,000 earnest money and a period of 170 days for <br />due diligence with closing in the spring. The purchase offer of $470,000 equates to $10.79 /foot <br />net (1.0 acre net) and $8 /foot gross (1.36 acres gross). This is in the average calculated for the <br />dashboard. The project development fee of $51,441 would be phased over time per the contract. <br />Housing and Redevelopment Authority / October 23, 2012 <br />Page 2 of 7 <br />