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I k <br />Housing and Redevelopment Authority Meeting Minutes <br />•May 25, 2004 <br />Page 2 <br />1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />I1' 1 <br />64 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />29 <br />30 <br />31 <br />32 <br />33 <br />34 <br />35 <br />• <br />Commissioner Faust noted the LaNel project was discussed at the last meeting and he felt the <br />City was at a point where it should start pressing that issue. Mr. Momson stated he agreed. <br />Commissioner Faust suggested the timing as it related to the tax-exempt status of the property <br />should be discussed and some leverage should be used to keep the process moving forward or the <br />City should refocus on a different project. Mr. Morrison responded he agreed and asked for a <br />motion from the HRA. <br />Motion by Commissioner Faust, seconded by Commissioner Thuesen, to approve placement of <br />said property back on the market if not closed by June 30, 2004. <br />Discussion: <br />Commissioner Stille stated the City could negotiate if LaNel wanted to retain control of the <br />property. Mr. Momson responded LaNel could ask for a 30 -day extension and the City would <br />then "have a hammer over them," noting the City did want to be accommodating if it knew <br />something was going to happen. <br />Commissioner Faust suggested the City could enter into a Purchase Agreement with earnest <br />money, at which time there would be honest brokerage on both sides. <br />VII. INFORMATION AND ANNOUNCEMENTS. <br />None. <br />VIII. ADJOURNMENT. <br />Chair Hodson adjourned the meeting at 8:04 p.m. <br />Respectfully submitted, <br />Marjorie R. Jenkins <br />TimeSaver Off Site Secretarial, Inc. <br />Motion carried unanimously. <br />