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efforts and advised there have been 145 inquiries, one closed deal, two under purchase agreement, and two pending purchase agreements. Commissioner Riley asked about expected closing and construction dates. Mr. Pankratz stated he will provide that information. Acting Chairperson LeTourneau thanked Mr. Pankratz for the update. Informational; no action required. 5.02: Consider New / Revised Purchase Agreement from PSD LLC for HRA Owned Land within The COR Asst. City Administrator/Economic Development Manager Brama presented the staff report, detailing the purpose of the case to consider a revised Purchase Agreement with PSD LLC for 13.97 acres of HRA-owned property within The COR. Phase 1 would begin construction in May of 2015, include 120-unit market rate apartments with a quality urban design, and zero setbacks. He stated it would include tuck -under parking, surface parking, and parking garages. The parking garages would be placed to screen surface parking. Asst. City Administrator/Economic Development Manager Brama stated Phase II would include the apartment complex but details are not known today on the number of market rate apartments, whether there would be a hotel based on future demand, and potential parking structure based on future demand and ability to fund those projects. Asst. City Administrator/Economic Development Manager Brama presented the terms of the revised Purchase Agreement and proposed revisions. He noted the HRA reviewed the request and gave direction to not move forward with the proposed Purchase Agreement amendment and to negotiate a new amendment to address the HRA's concerns. Staff was not clear whether it would take place tonight to execute an updated Purchase Agreement but it is now clear the HRA preferred to review a revised Purchase Agreement and FAR after the ordinance is effective. Asst. City Administrator/Economic Development Manager Brama reviewed the three changes in the Purchase Agreement relating to an extended closing date of May 1, 2105, contingency tied to specific government approvals, and COR-1 zoning amendment. He noted, however that the contingency tied to specific government approvals will no longer be needed since the zoning will be in effect prior to HRA consideration. It was noted that the Buyer has not requested any government subsidies or financial assistance programs in relation to this Purchase Agreement. This is included to provide transparency. Asst. City Administrator/Economic Development Manager Brama reviewed questions staff had received related to the clause about the FAR and finding by the League that it does not result in a violation and by CBRE that this type of consideration is common in marketplace. Asst. City Administrator/Economic Development Manager Brama displayed a slide detailing two alternatives if the revised Purchase Agreement is approved and if the revised Purchase Housing and Redevelopment Authority / October 14, 2014 Page 3 of 8