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Housing and Redevelopment Authority Meeting Minutes November 9, 1999 . Page 5 1 Morrison rephrased the point in the discussion. He clarified that the intent was to explore the 2 City's wishes about utilizing funds on public space in order to develop the Shopping Center and 3 public green space. He stressed that the City would not be agreeing to closing the liquor store or 4 buying Custom Liquidators. Those are long-term vision issues that the new Council would 5 . consider. In essence, the discussion centers around the opportunity to use the funds in the Kenzie 6 District that are available until December 31, 1999 to secure the public space issue. 7 Marks said the redevelopment of the Shopping Center was a vision over 19 years ago. He had 8 supported redevelopment when he first ran for City Council. In short, Marks stated that he be- g lieved developing the public space would boost confidence in the community and provide many 10 benefits for the residents and the merchants. 11 Cavanaugh expressed support for the project,but felt that the City would be obligating itself to 12 completing the project. He was concerned about the sources of revenue to implement and 13 complete the plan. 14 Faust summarized by stating that the City has an opportunity to obtain the public space, and he 15 felt that space would benefit the community. Therefore, he felt that the City should proceed. #6 Thuesen suggested the Commissioners recall all of the positive events that have taken place in 17 the last year regarding the Shopping Center. He understood that there is some risk involved in 18 proceeding with the project; however, he felt it would be a mistake on the City's part not to move 19 forward with re-energizing the Center. 20 Ranallo stated that he could not agree to the Letter of Understanding, in particular item no. 13, 21 without obtaining public input first. 22 Marks felt that item no. 13 did not bind the City in any manner and felt that the City would be 23 taking a risk if the project did not proceed. The redevelopment of the Shopping Center would 24 benefit the community by making the Center into a viable commercial district. Marks felt that 25 the project at hand was an important element in making that happen. 26 Momson stated that if the Letter of Understanding is approved, the City would try to secure the 27 two areas of public space by the December 16, 1999 Council meeting. A Developer's 28 Agreement would be drafted and City Attorney Bill Soth would review that agreement. He 29 further clarified that the following activities are intended to be completed by the end of the year: 30 (1) buy the 22,000 square feet from The Hitching Post for$110,000; and (2) Momson would 31 meet with Richard Krier and arrive at a figure for the 28,000 square feet of the Shopping Center, 32 which would also include the improvements to the public space. @3 In short, Momson stated that an easement agreement would be signed, funds exchanged, and a 34 Developers Agreement drafted to identify the responsibilities via the Letter of Understanding.