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Commissioner Riley noted staffs recommendation indicates the HRA is to be paid back by charging the costs out to the three lots. City Engineer Westby stated that is the intent and McDonalds has already agreed with its prorated share. Commissioner Riley asked about the location of abandoned stormwater pipes. Deputy Executive Director Gladhill stated that piping on Sunwood Drive would not work to address stormwater for these parcels. Motion by Commissioner LeTourneau, seconded by Commissioner Kuzma, to adopt Resolution #HRA -13 -05 -080 Accepting Plans and Specifications and Authorizing Advertisement for Bids for the COR TWO (Sunwood Retail) Stage 1 improvements and to approve bidding the construction of the temporary stormwater improvements at this time. Motion carried. Voting Yes: Chairperson Backous, Commissioners LeTourneau, Kuzma, Riley, and Strommen. Voting No: None. Absent: Commissioner Tossey. Chairperson Backous asked staff to review contract language to address the timeline. 5.02: Analysis of all Project Costs in The COR to Determine Cost Basis for Land Finance Director Lund reviewed the staff report and indicated that to -date, the City has over $65 million in The COR. She reviewed the improvements made totaling $32 5 million and explained if using that cost, it would equal $6.50 /square foot for the 115 acres remaining to be developed. With the construction of 116th Avenue costing $3.5 million, it brings the cost to about $7.00 /square foot. She advised of the assumptions used when making this calculation. Chairperson Backous thanked Finance Director Lund for providing this analysis and baseline, which will help in making decisions on purchase offers. Commissioner LeTourneau asked staff to keep an eye on the projects being brought forward and how it impacts the square footage number. Commissioner Strommen agreed and asked staff to have this information at the ready and incorporated into case reports so the HRA is mindful of financial impacts. Informational; no action required. 5.03: Consider Approval of Purchase Agreement for the Purchase of the Property Located at 6710 Highway 10 NW, Ramsey, MN City Attorney Goodrich advised that the owner of 6710 Highway 10 NW has accepted the HRA's offer of $361,000, which is the Anoka County assessed value. He stated the purchase Housing and Redevelopment Authority / May 14, 2013 Page 3 of 5