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5.02: Consider Alternate Platting Scenario — COR TWO <br />Development Manager Lazan stated his intent was to gamer support prior to expending efforts to <br />determine cost estimates and this information is being presented for discussion only. He <br />reviewed the staff report, past consideration of COR TWO, and recommendation the HRA <br />proceed with the modification to the plat of COR TWO and revise documents necessary to <br />record the plat, contingent upon the HRA receiving adequate written agreement or cash escrow <br />from Sophia- Ramsey to cover the costs incurred to the HRA, or securing some other form of <br />guarantee to ensure the adequate repayment to the HRA. Development Manager Lazan indicated <br />the Development Team recommends the sale of the remnant parcels, shown as Outlots B and C, <br />to Sophia Ramsey LLC with the condition that they re -plat the parcels before December 31, <br />2013. It was noted that upon successful acquisition of the parcels, the HRA would grant the <br />access easement over the HRA lots. He noted this proposal would result in accomplishing the <br />HRA's original goals, allow the HRA to move forward with retail land sales, and include all of <br />the original agreement components. <br />Jay Scott, President of Solomon Real Estate and Managing Partner of Sophia- Ramsey, thanked <br />Development Manager Lazan for his efforts. He described the impact of their mortgage being <br />repurchased by another firm that resulted in a significant tax impact and indicated they support <br />the recommendation of staff. Mr. Scott stated they look forward to a successful future and being <br />part of The COR. <br />HRA Executive Director Ulrich recommended delaying consideration of a work order until <br />additional cost estimate details are presented to the HRA. <br />6. DEVELOPMENT TEAM REPORT <br />HRA Executive Director Ulrich and Development Manager Lazan indicated they had nothing <br />additional to report. <br />7. COMMISSIONER INPUT <br />Development Manager Lazan stated leasing of The Residence is ahead of hopes and an update <br />will be scheduled at an upcoming meeting when the owners are in town. <br />Commissioner Strommen noted Mr. Cronk had also offered a tour to HRA members. <br />8. ADJOURNMENT <br />Motion by Commissioner Tossey, seconded by Commissioner LeTourneau, to adjourn the <br />regular meeting of the Housing and Redevelopment Authority. <br />Motion carried. <br />The regular meeting of the Housing and Redevelopment Authority adjourned at 9:30 p.m. <br />Housing and Redevelopment Authority / January 22, 2013 <br />Page 3 of 4 <br />