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4. APPROVAL OF MINUTES <br />None. <br />5. HRA BUSINESS <br />5.01: Approve Preparation and Submittal of Stormwater Management Plan for The COR <br />This case was removed upon adoption of the agenda. <br />5.02: Consider Award of Construction Contract — North Commons <br />Development Manager Lazan reviewed the staff report and presented the bids received for the <br />work associated with North Commons, a 17 -lot subdivision in the residential area north of <br />Bunker Lake Boulevard. He described the North Commons project components and work <br />included in the bid. Development Manager Lazan reviewed project funding and benefits the City <br />will realize from this project. Development Manager Lazan advised he found the bids to be the <br />best that can be anticipated for a project with this high number of challenges. <br />Development Manager Lazan then presented the North Commons proforma including three <br />anticipated income returns based on the lot sale price and expenses. He noted he is proposing <br />reduced development fees related to water and sanitary sewer laterals that would be subject to <br />review and approval by the Council. It was noted this proforma included no acquisition dollars <br />and anticipates HRA proceeds of $53,836. <br />Commissioner Tossey asked how many lots have been sold. <br />Development Manager Lazan stated one lot is under contract but the site has not been marketed. <br />Commissioner Tossey asked why this matter is before the HRA tonight when there are no <br />interested buyers and prior HRA direction was to bring this item back in the spring. <br />Development Manager Lazan stated the HRA motion had been amended by Commissioner Elvig <br />to rebid the project for spring construction. <br />Commissioner Tossey noted when this project was originally brought forward, there were <br />supposed to be interested builders. <br />Development Manager Lazan stated it is still fairly active. He reviewed that the first offer to <br />purchase included the potential for that builder to take over all of the lots but the HRA expressed <br />interest to bring in multiple builders. If approved tonight, staff will develop a marketing plan <br />and put it out to the development community. <br />Commissioner Tossey stated he would not support moving forward to expend $500,000 in the <br />hope of a $30,000 return until it is known there will be buyers for the lots. <br />Housing and Redevelopment Authority / November 13, 2012 <br />Page 2 of 10 <br />