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Housing and Redevelopment Authority Meeting Minutes December 16, 1999 . Page 2 1 Mr. Krier expressed appreciation to Executive Director Michael Mornson and City Attorney 2 William R. Soth for their combined efforts in accomplishing and finalizing the Redevelopment 3 Agreement. 4 As a short review, Mr. Krier stated that the redevelopment contract with the Shopping Center 5 would provide for an easement over certain areas, roughly 8,200 square feet, for the purpose of 6 creating a village green area. Mr. Krier reminded the audience that this project has been the 7 City's vision from many years ago. The project will also be of an economic benefit to both the 8 Shopping Center and to the City. Mr. Krier clarified that the agreement provides that the City 9 would be sold the easement, with the seller retaining 10% of the selling price. The remaining 10 90% would return to the H.R.A. next year so that the improvements could be made and thus the 11 village green area developed. 12 Cavanaugh wished to clarify that the execution of a Redevelopment Agreement is simply the first 13 step in a$900,000 41 million project to complete the Shopping Center. 14 Marks further clarified that there are more pieces to the green space to be completed. Mr. Krier 15 agreed. 016 City Attorney William R. Soth directed the Commission's attention to a co of the Redevelop- 17 Y PY P 17 ment Agreement. He pointed out that the true name of the owner of the St. Anthony Shopping 18 Center is "St. Anthony Shopping Center LLC" as opposed to "Republic Investment Company" as 19 previously thought. 20 Consequently, Mr. Soth recommended the following minor corrections to Resolution 99-004: 21 1. Change any reference to "Republic Investment Company" to "St. Anthony Shopping 22 Center LLC"; 23 2. In the third "WHEREAS" clause, change "real property" to "easements"; and 24 3. Add to the end of the Resolution the following language: "with such minor revisions as 25 are acceptable to the Executive Director, City Attorney, and Consultant." 26 Motion by Marks, second by Faust, to adopt H.R.A. Resolution 99-004, as modified per City 27 Attorney Soth's recommendations. 28 Motion carried unanimously. 9 Ranallo reminded the Commission that this meeting was the final meeting of the year, and if the 0 minor changes that Mr. Soth recommended to the Resolution are not acceptable to the other party 31 involved, then a special meeting would need to be held before the end of the year.