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Motion carried. Voting Yes: Chairperson Backous, Commissioners Kuzma, LeTourneau, Riley, Strommen, and Tossey. Voting No: None. 4. APPROVAL OF MINUTES Motion by Commissioner LeTourneau, seconded by Commissioner Riley, to approve the following minutes: Regular Meeting Minutes dated April 9, 2013 Motion carried. Voting Yes: Chairperson Backous, Commissioners LeTourneau, Riley, Kuzma, Strommen, and Tossey. Voting No: None. 5. HRA BUSINESS 5.01: Approve Letter of Intent with Sophia- Ramsey, LLC HRA Executive Director Ulrich reviewed the staff report and recommendation to approve a Letter of Intent with Sophia- Ramsey, LLC, and file the plat for the Sunwood retail area known as COR 2. It was noted this work will be completed by the end of the calendar year. Motion by Commissioner Strommen, seconded by Commissioner Tossey, to approve the non- binding Letter of Intent with Sophia- Ramsey, LLC, as presented. Motion carried. Voting Yes: Chairperson Backous, Commissioners Strommen, Tossey, Kuzma, LeTourneau, and Riley. Voting No: None. 5.02: Discuss COR Strategy HRA Executive Director Ulrich reviewed the staff report, history of the Ramsey Town Center and re- branding as The COR, and detailed the pros and cons of the following strategy options: 1) Continue as is; 2) Contract with a broker; or, 3) Solicit proposals for all or large pieces of The COR to sell to a developer. He stated staff has requested a TIF analysis proposal for cost and scope of services. HRA Executive Director Ulrich asked the HRA to provide direction to staff as to which strategy it supported. Commissioner Tossey stated he believed that development should be in private hands and supported Strategy 3, Solicit proposals for all or large pieces of The COR to sell to a developer. He asked if there is a State Statute relating to timeline for development of HRA land by a developer. HRA Executive Director Ulrich stated once the property is sold for development, there is a timeline and staff will research and provide that information. Housing and Redevelopment Authority / April 23, 2013 Page 2 of 5