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Commissioner Strommen stated there is a short-term strategy to determine whether SuperAmerica is interested and if not, to market the property. There is also an issue of determining an exit strategy for the HRA to get out of this role. Commissioner Strommen stated the HRA mis- stepped when it advertised to the community that these two sites would be SuperAmericas without first having a purchase agreement. Executive Director Ulrich stated filling the Economic Development Director position has been delayed and could be taken up again, if the HRA desires. He distributed a recent article relating to selling a high- profile site along the Mississippi River in the City of Champlin through a Request for Proposals (RFP). Executive Director Ulrich suggested the HRA consider listing active and shovel -ready sites, such as the former adult bookstore site, the Kiefer property, or the Ramsey Boulevard (SuperAmerica) site that has roadway and utilities so the HRA can recoup its investment. Commissioner Riley stated another property is the old Amoco site on Highway 47. Acting Chairperson LeTourneau suggested that topic be scheduled for discussion at a future HRA meeting. The consensus of the HRA was to continue to support SuperAmerica on the Armstrong Boulevard site and direct staff to market the Ramsey Boulevard site to potential users other than a convenience store. 5.02: Discuss Subsidy Alternatives for Assisted Living Projects Executive Director Ulrich reviewed the staff report and requested direction on the type of subsidy alternatives, if any, would be acceptable to the HRA for an assisted living project. It was noted the City currently has two parcels pending consideration by the City for one -level assisted living projects, both requiring significant assistance from the City. He indicated the estimated return of equity and expenses appear to be reasonable; however, giving the land for free does not meet what the developer wants for equity. Executive Director Ulrich described assistance options to abate taxes or create a Tax Increment Financing (TIF) District. He stated a TIF study /analysis has been completed and will be presented to the HRA on September 17, 2013. It was noted that these two projects would not be constructed this fall and if a funding scenario can be found, they would be constructed in 2014. Executive Director. Ulrich stated if there is no interest in offering assistance, staff can so inform the developer. Commissioner Strommen stated a Housing Assistance Policy would clearly state the City's goals for housing and if the HRA is willing to offer assistance, the level that would be considered. She noted the HRA has already determined policy that TIF is not a consideration. Commissioner Strommen stated if the HRA supports this type of housing, she would support opening it up with an RFP to assure the City attracts the best project to meet its goals. Executive Director Ulrich stated the Housing Assistance Policy will come forward this fall and these sites would be attractive for an RFP process. He stated the HRA's main asset is the land, which could write down project costs if the HRA chose to subsidize it in that way. Housing and Redevelopment Authority / August 27, 2013 Page 3 of 4