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Housing and Redevelopment Authority Meeting Minutes <br />•June 25, 2002 <br />Page 2 <br />I Motion by Commissioner Faust, second by Commissioner Thuesen, to adopt H.R.A. <br />2 Resolution 02-010, re: Finding a parcel to be occupied by a structurally substandard <br />3 building. <br />4 <br />5 Motion carried unanimously. <br />6 <br />7 B. H.R.A. Resolution 02-011. re: Consider purchase agreement with Culvers <br />8 Momson stated they purchased the Hardee's property for $319,000 which they will re -sell <br />9 to Culver's, asking for the $319,000 upfront, and will refund them $314,000 after a <br />10 certificate of occupancy is issued for the Culver's structure. <br />11 <br />12 Momson continued that they would also work with Culver's to demolish both facilities. <br />13 He stated that Culver's would pay for the demolition of the Exhaust Pro facility, and the <br />14 city would pay for the demolition of the Hardee's facility, all of which is part of the <br />15 purchase agreement that is being negotiated. <br />L6 <br />17 Motion by Commissioner Sparks, second by Commissioner Faust, to adopt Resolution <br />18 02-011, re: Considering purchase agreement with Culvers. <br />19 <br />0 Motion carried unanimously. <br />22 C. H.R.A Resolution 02-012. re: Authorize the Chair and Executive Director to enter into a <br />23 Redevelopment Agreement relating to the Kenzie Terrace redevelopment proiect <br />24 Momson introduced Stacie Kvilvang, Ehlers and Associates, who came forward to review <br />25 the two proposals. <br />26 <br />27 The first proposal was from LaNel Financial, who currently owns the Autumn Woods <br />28 Apartments. The second was from Lary Beach Construction, who is a single-family <br />29 residential developer. <br />30 <br />31 Kvilvang indicated that the recommendation from Ehlers was to work with LaNel <br />32 Financial for the following reasons: <br />33 • LaNel Financial is an existing resident and partner in the City and the City <br />34 Council has been pleased with their performance and product. <br />35 • Design concept is superior in that it will bring additional open/green space to the <br />36 project. <br />37 • High quality design of proposed development. <br />38 • Development will generate a higher, future tax base for the City. <br />39 • Higher purchase price of land and financial capability to complete development. <br />40 <br />Commissioner Sparks asked about the style of the structure proposed by LaNel. Kvilvang <br />indicated that, essentially, it was a rental unit. She added that they were single story, as <br />43 well. <br />