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Deputy Executive Director Gladhill stated it was intended to be flexible but does have a history with the Ramsey Town Center and re -visioning to build land use that supports transit. Commissioner Strommen stated in this existing Purchase Agreement, there was an expiration date of September 15, 2014, so technically the Purchase Agreement is not in effect. City Attorney Langel stated the effective date for the amendment would be retroactive back to September 15, 2014. He explained the request was in play' prior to the end of the Agreement but an HRA meeting was not scheduled prior to the expiration. Commissioner Strommen stated PSD was in attendance at the September 9, 2014, meeting during which the issue was known yet there was no discussion of extending the Purchase Agreement at that time. Deputy Executive Director Gladhill stated it was proposed they would meet the .75 floor area ratio but through the concept review, they determined they could not achieve that critical mass to get to the ramp or finance it. It was structured to not prevent that opportunity from occurring and hope it will come to fruition but the developer's concern is that the market is not that aggressive. Asst. City Administrator/Economic Development Manager Brama stated that discussion was held with representatives of PSD prior to the September 9, 2014, meeting with the HRA but PSD indicated they would reserve making that decision until after holding discussion with the HRA. Commissioner Strommen stated concern with a retroactive consideration, especially since PSD was before the HRA on September 9, 2014, and could have raised the issue. Acting Chairperson LeTourneau stated the HRA is responding to actions known. Commissioner Strommen stated the reason PSD is requesting the extension is the same issue discussed on September 9, 2014. She noted a Purchase Agreement is not in effect at this time. Commissioner Tossey stated the HRA is playing `developer' and has considered a lot of deals. He noted that with a prior senior housing project, that developer constantly extended its Purchase Agreement and never let it expire. However, this Purchase Agreement expired and he does not agree with the opinion of the City Attorney. Commissioner Tossey stated Mr. Kuker anticipated there was an issue and the Purchase Agreement expired five days from September 9, 2014. He noted this provides an opportunity for the HRA to get the density and PUMA right, which may result in re -selling the property faster. Asst. City Administrator/Economic Development Manager Brama reviewed per square foot prices for property listed by CBRE within The COR and with the Master Plan identifying the need for a parking plan. With regard to the three properties within the first quarter mile radius of the Transit Center and carrying the same zoning, two are listed at $4/square foot and one is listed at $5/square foot. Housing and Redevelopment Authority / September 23, 2014 Page 4 of 6