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City Attorney Goodrich stated the HRA held discussion, gave sale price parameters to staff, and directed staff to take necessary steps to sell the lots at those sale prices. No final decision was reached and final approval will come back to the HRA at an open meeting. 5.04: Purchase / Exchange of Property Outlot A RTC 8th Addition (Portions were closed to the public) Executive Director Ulrich presented the staff report and letter of intent from Erhart & Elfelt, LLC, representing PSD, LLC, to purchase Outlot A of the Ramsey Town Center (RTC) 8th Addition, a three -acre parcel, for $130,680 to construct 12 twin homes consisting of 24 one -level ADA residences. This purchase is subject to the City completing the second lift on the streets that abut the purchased property. In addition, PSD will exchange Outlot A of the RTC 13 Addition for Outlot A of the RTC 7 Addition. He reviewed the terms of the letter of intent and stated the offer is for $1 per square foot and the "all in" costs for the City is $17.16 per square foot. Executive Director Ulrich noted this land has been vacant for a period of time. He recommended this discussion to closed session to discuss terms. City Attorney Goodrich advised that under Minnesota Statutes, the meeting can move into closed session to discuss confidential or non - public appraisal data and acquisition negotiations. He indicated closed session discussion will relate to property purchase /exchange of Outlot A, Ramsey Town Center, 8 Addition. The closed session will be tape recorded and that tape will be maintained for a period of eight years. Motion by Commissioner Riley, seconded by Commissioner LeTourneau, to move to Closed Session to discuss purchase agreements. Motion carried. Voting Yes: Chairperson Backous, Commissioners Riley, LeTourneau, Kuzma, Strommen and Tossey. Voting No: None. The HRA meeting moved into a Closed Session at 10:10 p.m. The HRA reconvened in Open Session at 10:27 p.m. City Attorney Goodrich stated the HRA held discussion and no final decision was reached except to direct staff to research relative market land values and report back at the next HRA meeting. Any final conclusions on selling the subject property will be made at a public meeting. 6. DEVELOPMENT TEAM REPORT / EXECUTIVE DIRECTOR REPORT HRA Executive Director Ulrich reported on development activities. 7. COMMISSIONER INPUT Commissioner LeTourneau asked if staff is monitoring the apartment and subsequent payments on progressive closing. Housing and Redevelopment Authority / June 11, 2013 Page 4 of 5