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Motion by Commissioner Riley, seconded by Commissioner Kuzma, to approve the following minutes as corrected above: Regular Meeting Minutes dated September 9, 2014 Motion carried. Voting Yes: Acting Chairperson LeTourneau, Commissioners Riley, Kuzma, Johns, Strommen, and Tossey. Voting No: None. Absent: Chairperson Backous. 5. HRA BUSINESS 5.01: Consider First Amendment to Purchase Agreement with PSD LLC dated August 6, 2014 Asst. City Administrator/Economic Development Manager Brama reviewed the staff report and request for a first amendment to the August 6, 2014, Purchase Agreement with PSD, LLC for 13.97 acres of Ramsey HRA -owned land located within The COR. On September 11, 2014, staff received a formal request from. PSD, LLC to extend the September 15, 2014 closing date to December 25, 2014 to provide sufficient time for the City to amend COR -1 Zoning Code to allow PSD, LLC to construct their proposed project. It was noted the existing Purchase Agreement contains a contingency provision that requires the City to work in good faith to attain government approvals before losing. Asst. City Administrator /Economic Development Manager Brama indicated it is staff's belief that PSD LLC's amendment request fits within said provision. He reviewed alternatives for the HRA's consideration, noting that government approvals are predicated on receiving full and complete applications and plans from PSD, LLC. Commissioner Tossey stated he is thankful the HRA will be dissolved because of the issues that have arisen implying the PSD Agreement was a `sweetheart' deal. He stated he has supported this Purchase Agreement since day one with the caveat they had to follow the density requirements that any other interested party would be held to. He felt, however, that the restrictions placed by the HRA, the governmental burden placed, pushed that price down. Now, the developer is asking for zoning changes to the density and parking, which are intertwined. Commissioner Tossey stated he addressed that issue with Mr. Kuker who mentioned what is being considered by other communities, which he agreed with. Commissioner Tossey stated there is a belief by some that other parties are interested in this land and that the government burden pushed down the price. He agreed that to get it done, those considerations may be needed. Commissioner Tossey stated he does not support extending the Agreement because others think this was a sweetheart deal and that other interested parties may come forward with a higher cost per foot. He doubted that was the case but supported starting anew so it will be known that the HRA will be flexible with density and parking. Then it won't look like a `back door' deal. Commissioner Strommen stated she understands the comments by Commissioner Tossey but has a different perspective. She noted the potential changes to the Zoning Code were discussed at the last HRA meeting and it was agreed that the request was probably the way to go because the density change was small. She stated this price was within the range and she does not want to Housing and Redevelopment Authority / September 23, 2014 Page 2 of 6