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Housing and Redevelopment Authority Meeting Minutes November 30, 1999 • Page 5 I Thuesen questioned if the City would be bound to the figure of $12.00 per square foot if it agreed 2 to the revised draft. 3 Mr. Krier explained that of the $12.00 per square foot, 90% of that amount would be invested 4 into improvements for the village green, or returned to the City if the project was abandoned. 5 Marks expressed his belief that it was important to keep the energy going strong on this project. 6 He stated he understands that there have been obstacles that make the project awkward and those 7 obstacles tend to push the H.R.A. to make a decision in an uncomfortable fashion. However, 8 Marks felt that the H.R.A. should proceed with the momentum on the project. 9 Thuesen agreed with Marks and confirmed that the H.R.A. is on a fast track with this project. 10 Nonetheless, the project has slowed down because the City would only be using a portion of the I I Kenzie TIF funds, and then in the Year 2000 would be reviewing the larger costs. By approving 12 the revised Letter of Understanding, Thuesen said, the City is staying on track with the project. 13 The important fact, he stated, is Item No. 14 on the Letter of Understanding which would allow 14 the City to abandon the project. Thuesen felt that the H.R.A.. should remain cautious with 15 reference to the project, but should continue to proceed. 4kCavanaugh stated he felt it would be irresponsible of the H.R.A. to approve a project that is not 17 specifically set forth on paper. 18 Faust agreed and stated he is personally not satisfied with the amount of detail that has been pro - 19 vided that would allow the H.R.A. to approve certain aspects of the project. Faust wished to 20 state that he fully supported the concept of the project; however, he would like for City.Attomey 21 Soth to review the agreement and have more detail provided as well. He stated that the issue at 22 hand is the H.R.A. needs to provide due diligence to the citizens of the City. 23 Marks asked Mr. Krier about the possibility of returning to the H.R.A. at the December 16, 1999 24 meeting with all documentation, particularly a financial plan, so that all concerns would be satis- 25 fied. 26 Ranallo confirmed that the City needed to give the City Staff, City Attorneys, and developers a 27 clear sense of what the City is expecting. Ranallo reminded the H.R.A. that at the previous 28 meeting, he had asked if the City Attorney had reviewed the proposals. 29 City Attorney Soth made a recommendation that instead of executing the Letter of Understand - 30 ing, that the City direct Staff to proceed with the preparation of a Developers Agreement 31 incorporating the terms suggested. In essence, the City would not be agreeing to any terms at this point, and would be able to review a Developers Agreement at the next meeting on December 16, 1999.