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Finance Director Lund explained that to get a reduction in interest for the first loan, they need to <br />pay $2 million by July 12, 2013. She stated she has alerted them of that date, which is one year <br />from the first payment of the bond sale. They have three years of capitalized interest on the debt. <br />Executive Director Ulrich reported he received a proposal from Flaherty and Collins to pay one - <br />half the payment and receive one -half the benefit so that will be on the next HRA agenda. <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 10:33 p.m. <br />Respectfully submitted, <br />Kurds G. Ulrich <br />HRA Executive Director <br />ATTEST: <br />M. Thieling <br />lerk <br />Drafted by Carla Wirth <br />TimeSaver Off Site Secretarial, Inc. <br />Housing and Redevelopment Authority / June 11, 2013 <br />Page 5 of 5 <br />