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Housing and Redevelopment Authority Meeting Minutes November 9, 1999 Page 2 1 He wished to take the opportunity to address the Commissioners and provide an update on the 2 latest discussions with regarding to the Shopping Center redevelopment. 3 - 4 He drew the Commissioner's attention to a draft of a Letter of Understanding between the St. 5 Anthony Housing and Redevelopment Authority, and the Republic Investment Company dated 6 November 8, 1999. Said Letter of Understanding is designed to outline the.understandings 7 reached between the parties and to set forth these understandings in the 13 items presented in the 8 Letter. 9 Mornson specifically mentioned item.no. 4, which stated, in short, that the Developer (Republic 10 Investment Company) would pay the cost of the village green, transit stop, and pathway im- 11 provements portion of the Master Plan. 12 Furthermore, Mornson stated, the payment for improvement costs would be equal to the amount 13 paid to the Developer for the land easements. Any additional pre-approved improvement costs 14 would be paid for the H.R.A. Any cost savings realized by the Developer below the agreed-upon 15 price would be returned to the H.R.A. 16 Mornson reminded the Commissioners that there are many agreements that need to be acted upon 17 in order to continue with the public space concept for the Shopping Center. 18 For the past year, Mornson, Kim Moore-Sykes, and Dick Krier have met with the Shopping 19 Center owners to develop a public space concept. Mornson pointed out the letter from Witcher 20 Construction Co. dated November 8, 1999 which presented a preliminary estimate for the land- 21 scaping and green area of the Shopping Center. Witcher Construction provided an estimate for 22 the improvements with ponds, which was approximately $2.1 million, and an estimate without 23 ponds, which was approximately $1.2 million. Due to the fact that including two ponds would 24 approach a cost of approximately $800,000, it was proposed to have two fountains instead, at an 25 estimated cost of$50,000 each. Mornson stated that the City would own and maintain the public 26 space. 27 Ranallo clarified that the ponds in question were not holding ponds. Mornson agreed and stated 28 that the ponds were for decorative purposes only. 29 Mornson presented the second plan. He stated that a difference with the second plan is the deco- 30 rative street lighting and the fountains with water. Decorative street lighting is proposed to be 31 placed at each entrance of the Shopping Center. 32 Mornson stated the intent is to have two separate letters of understanding. One would be with 33 Republican Investment, and the other would be with The Hitching Post. •