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5.01: Consider Resolution #HRA 14 -07 -143 Authorizing Execution of a Declaration of Bond - Financed Property Related to a Community Forest Bonding Grant Awarded in 2012 for Landscape Improvements in North Commons Deputy Executive Director Gladhill reviewed the staff report and recommendation to adopt a resolution authorizing Chairperson Backous and the Executive Director to execute a Declaration of Bond- Finance Property related to Community Forest Bonding Grant monies utilized to purchase and install trees in North Commons. Motion by Commissioner Riley, seconded by Commissioner Kuzma, to adopt Resolution #HRA 14 -07 -143 Authorizing Execution of a Declaration of Bond - Financed Property Related to a Community Forest Bonding Grant Awarded in 2012 for Landscape Improvements in North Commons. Motion carried. Voting Yes: Chairperson Backous, Commissioners Riley, Kuzma, Johns, LeTourneau, and Strommen. Voting No: None. Absent: Commissioner Tossey. 5.02: Review Purchase Agreement for Sale of Outlot A, B, and a Portion of Lot 1, Block 1, of RTC 11th Addition HRA Executive Director LaFrance reviewed the staff report and negotiation by staff on a purchase agreement with PSD, LLC for the sale of Outlots A and B, and a portion of Lot 1, Block 1, for $1.897 million for 608,533.2 square feet, or $3.12 /square foot with $50,000 earnest money upon execution. He noted this price is at the higher end of the deal range. The commission for this land sale only to CBRE would be $94,000. He reviewed the taxes to be generated for this project located within TIF District #14. HRA Executive Director LaFrance presented terms of the purchase agreement and project elements that remain to be negotiated. HRA Executive Director LaFrance advised that under Minnesota Statutes 13D.05 Subd. 3, the meeting can move into closed session to discuss the Purchase Agreement for Outlots A and B, and a portion of Lot 1, Block 1, RTC 11 Addition. It was the consensus of the HRA to not enter Closed Session. Commissioner Riley asked for clarification on the offer being at the higher end of a deal range. HRA Executive Director LaFrance indicated he was referencing the pricing schedule that had been approved by the HRA earlier this year, as recommended by CBRE. Chairperson Backous asked why they would construct the road and return it to the City. HRA Executive Director LaFrance explained that based on Council direction given for the City to stay out of the development mode, staff negotiated the agreement for PSD to construct the road to the City's specifications. Housing and Redevelopment Authority / July 22, 2014 Page 2 of 4