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H.R.A. MEETING <br /> JUNE 25, 1991 <br /> 3 PAGE 4 <br /> 4 <br /> 5 <br /> 6 The Executive Director stated that Mr. Lang is presently <br /> 7 deaing with the financier of the Project. He had requested <br /> 8 Mr. Lange to submit this written proposal to the H.R.A. and <br /> 9 make a personal appearance at a H.R.A. meeting and wake a <br /> 10 presentation. <br /> 11 <br /> 12 Chairperson Ranallo stated his opposition to assisting this <br /> 13 developer noting that developers of other projects in the <br /> 14 City may request the some kind of help. <br /> . 15 <br /> 16 The City Attorney stated that there would have to be some <br /> 17 basis for giving this kind of assistance to this developer. <br /> 18 He noted that initially help was approved by the City <br /> 19 Council to develop . the project and get it built. That <br /> 20 situation presented an unique set of circumstances. This <br /> 21 request is not unique. He felt for the H.R.A. to authorize <br /> 22 the 650,000 it must be determined how it would benefit the <br /> 23 community and its residents. <br /> 24 <br /> 25 The Executive Director noted that Mr. Lang will cite his <br /> 0 development in New Hope and how he made a _similar <br /> arrangement for this type of funding in that community. It <br /> 28 was felt he would argue that there is still a working <br /> 29 relationship with the City as long as there is a Tax <br /> 30 Increment District in place. <br /> 31 <br /> 32 Commissioner Marks inquired if the H.R.A. could review Mr. <br /> 33 Lang's books. Chairperson Ranallo felt this would be <br /> 34 inadvisable if it were discovered that the project really <br /> 35 needs financial assistance and this reviewal could be, <br /> 36 considered a commitment on the part of the H.R.A. . <br /> 37 <br /> 38 The City Attorney stated that a reviewal of the books would <br /> 39 not really be a commitment, noting that any funds advanced <br /> 40 would have to be in , the City's beat interests. He felt to <br /> 41 justify any financial assistance the development would have <br /> 42 to be "teetering" and only additional funds could keep the <br /> 43 project going. <br /> 44 <br /> 45 Commissioner Wagner observed that two other development <br /> 46 projects in this Tax Increment District may be in the some <br /> 47 situation. Staff did not know how they compare to the <br /> 48 situation at Autumn Woods. It was noted that these two <br /> 49 projects are owner-occupied and that no one from these two <br /> 50 projects has come in requesting funds. <br /> 1 <br /> 54 <br />