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Housing and Redevelopment Authority Meeting Minutes •November 25, 2003 Page 2 before May 31, 2004, and the term of the loan was three years; however, a three-year extension could be obtained, if necessary. 4 Mr. Momson stated this was a part of the negotiations with the Pratt development team, as the 5 HRA was applying for a Fannie Mae loan in order to help the developer acquire three 6 commercial properties behind Apache Plaza. 8 Mr. Momson explained the benefits to the City by applying for this loan were lower interest rates 9 and the loan would not be taken until the developer indicated proof of 20% presale of the 10 housing, which guaranteed payback of the loan. He noted the payback would come from the 11 developer with the future increment and payment when the City resold to the developer for the 12 housing. He added this was part of the financial package reviewed with Ms. Kvilvang from 13 Ehlers and Associates. 14 15 Mr. Momson indicated this action started the process and there was a tentative plan to close with 16 the bank on Monday, December 1. He noted there would be a lot of activity over the next six 17 months; however, there would also be "dead time," as notices needed to be given to some of the 18 businesses. He added it was hoped construction would begin on the commercial piece sometime 19 next year. 0 Len Pratt, Pratt -Ordway, Inc., stated is were being dotted and is were being crossed on the 22 Development Agreement, at which time the closing would be underway and proper notices 23 would be sent to individuals and businesses in the mall. He indicated a spring start and 24 groundbreaking were the goal. 25 26 Mr. Pratt stated he wanted to announce the name of the project. He explained comments had 27 been heard about the name at one of the public hearings; therefore, the citizens were asked for 28 input regarding naming the project. He noted 14 responses were received and 11 out of the 14 29 respondents referred to the words "Silver Lake." He indicated a consulting firm was hired and it 30 was suggested "Silver Lake" be combined with "Village," which.formed "Silver Lake Village." 31 He noted the name was a combination of suggestions offered by the respondents. 32 33 Mr. Pratt noted the word "Plaza" was also suggested; however, the consultants felt "Plaza" had 34 historic meaning but might not be the right term for a new retail area. 35 36 Commissioner Faust thanked Mr. Pratt for his research on naming the project, along with his 37 involvement with the community. 38 39 Mr. Pratt stated he wished to thank the 14 respondents by making a donation on their behalf to 40 the community theater group and the community orchestra. Motion by Commissioner Faust, seconded by Commissioner Sparks, to adopt Resolution HRA 03-019 related to the Northwest Quadrant/Apache Plaza Redevelopment, approving a loan for 44 property acquisition.