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Commissioner Ramsey commented it appears that no part of this project could potentially hurt <br />the City's bond rating. <br />Commissioner McGlone asked if the PNC Bank would carry the loan after construction. He <br />pointed out that Ms. Kvilvang noted this deal is not anything unusual to government. This <br />project needs to be brought to success and it would bring 300 residents to the area, which would <br />only help the area. <br />Commissioner Tossey questioned how many layers there are until the repayment necessity gets <br />to the residents. <br />Development Manager Lazan answered there are about 5 layers until the TIF fund comes into <br />play. <br />Commissioner Ramsey stated he is interested in moving forward. <br />John Dehen, 14806 Bowers Drive, stated Ramsey is competing with other cities and if a bank <br />won't lend to F&C, then why should the City. He stated F&C has been through bankruptcy and <br />the banks may be aware of something the City isn't. He requested the HRA not risk the <br />taxpayer's money for this project and noted if this project is lost, there will be another one <br />waiting. <br />Consensus was reached to proceed in negotiating funding for the project. <br />Motion by Commissioner Ramsey, seconded by Commissioner Wise, to direct the development <br />team research a potential funding solution for the Flaherty and Collins project, and direct staff to <br />prepare and execute an amendment to the existing purchase agreement extending the <br />contingency and closing dates 60 days from their current dates. <br />Motion carried. Voting Yes: Commissioners Ramsey, Wise, Elvig, and McGlone. Voting No: <br />Chairperson Jeffrey, Commissioners Backous and Tossey. Absent: None. <br />COMMITTEE REPORTS <br />None. <br />EXECUTIVE DIRECTOR'S REPORT <br />HRA Executive Director Nelson stated she presented to the Minnesota Shopping Centers last <br />Thursday morning, to 200 professional developers. She also noted Ramsey participated in the <br />Northstar Transit Orientation Tour the previous week. <br />City Administrator Ulrich stated the City was asked to testify on the TIF bill. The City is <br />preparing an amendment to keep the bill moving forward. The NCDA failed to pass due to <br />opposition from Sherburne and Stearns Counties. <br />Housing and Redevelopment Authority / May 10, 2011 <br />Page 4 of 5 <br />