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economics of the offer and a number of components and options. We will put something together for Northgate to discuss and bring it back to the HRA. 5.02 Consider First Amendment to Purchase Agreement — The Residence at The COR HRA Executive Director Nelson stated that the current purchase agreement for The Residence at The COR required the parties to close on or before March 29, 2912. Because the HRA will not have marketable title to the property until April 30, they cannot convey by the date outlined in the current agreement. Therefore the purchase agreement needs to be amended to change that date. The agreement in the HRA packet extends the closing date to April 30, 2012. Motion by Commissioner Wise and seconded by Commissioner Ramsey to approve the first amendment to the purchase agreement and direct staff to execute the document and delivery to the buyer. Further discussion: Commissioner Elvig inquired if any other elements changed to which Mr. Lazan replied only the date — from 3/29/12 to 4/30/12. Commissioner Ramsey added that the reason for the change was a snafu in our land deal. Motion carried. Voting Yes: Chairperson McGlone, Commissioners Wise, Ramsey, Backous, Elvig, Strommen and Tossey. Voting No: None. 6. EXECUTIVE DIRECTOR'S REPORT HRA Executive Director Nelson reported that the Flaherty & Collins ground breaking of The Residents at The COR is scheduled for 3:00 p.m., Tuesday, April 10. All the Flaherty & Collins people will be in Ramsey. She stated she will be in touch with Chairperson/Councilmember McGlone and Commissioner/Mayor Ramsey about speaking as well as Anoka County Commissioner Matt Look. There will be a reception in the lobby at City Hall. Ms. Nelson reported she had a meeting with Solomon — they will come back on May 1 for a work session to present their concerns. They are passionate about grocery restrictions. Commissioner Tossey asked why we would allow them to come back — why would we waste their time. We are not interested. Development Manager Lazan stated that message was delivered and they are very passionate and they feel they did not get to express that. Mr. Lazan stated there is nothing to report on TOTI — their date came and went. We will begin contacting other senior living folks. Commissioner Tossey asked about removing the Suite Living signs. Mr. Lazan stated he was approached by someone else. Commissioner Backous asked if we are stuck on senior housing to which Mr. Lazan responded no. Commissioner Elvig asked if we know how TOTI's closest projects are doing. It was noted they have six deals going. Mr. Lazan stated that he believed they are so overwhelmed they cannot hang on. No one else has closed on any other sites. Commissioner Elvig suggested there may be some partners that want to jump in. 7. COMMISSIONER INPUT Housing and Redevelopment Authority /Special Meeting - April 3, 2012 Page 5 of 6