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3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />(121 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />0 <br />28 <br />29 <br />30 <br />31 <br />32 <br />33 <br />34 <br />35 <br />36 <br />37 <br />38 <br />39 <br />40 <br />Ch <br />42 <br />43 <br />44 <br />45 <br />46 <br />47 <br />48 <br />49 <br />50 <br />3 <br />3 <br />54 <br />H.R.A. MEETING <br />JUNE 25, 1991 <br />PAGE 4 <br />The Executive Director stated that Mr. Lang is presently <br />deaing with the financier of the Project. He had requested <br />Mr. Lange to submit this written proposal to the H.R.A. and <br />make a personal appearance at a H.R.A. meeting and make a <br />presentation. <br />Chairperson Ranallo stated his opposition to assisting this <br />developer noting that developers of other projects in the <br />City may request the some kind of help. <br />The City Attorney stated that there would have to be some <br />basis for giving this kind of assistance to this developer. <br />He noted that initially help was approved by the City <br />Council to develop the project and get it built. That <br />situation presented an unique set of circumstances. This <br />request is not unique. He felt for the H.R.A. to authorize <br />the 650,000 it must be determined how it would benefit the <br />community and its residents. <br />The Executive Director noted that Mr. Lang will cite his <br />development in New Hope and how he made a .similar <br />arrangement for this type of funding in that community. It <br />was felt he would argue that there is still a working <br />relationship with the City as long as there is a Tax <br />Increment District in place. <br />Commissioner Marks inquired if the H.R.A. could review Mr. <br />Lang's books. Chairperson Ranallo felt this would be <br />inadvisable if it were discovered that the project really <br />needs financial assistance and this reviewal could be <br />considered a commitment on the part of the H.R.A.. <br />The City Attorney stated that a reviewal of the books would <br />not really be a commitment, noting that any funds advanced <br />would have to be in the City's beat interests. He felt to <br />justify any financial assistance the development would have <br />to be "teetering" and only additional funds could keep the <br />project going. <br />Commissioner Wagner observed that two other development <br />projects in this Tax Increment District way be in the same <br />situation. Staff did not know how they compare to the <br />situation at Autumn Woods. It was noted that these two <br />projects are owner -occupied and that no one from these two <br />projects has come in requesting funds. <br />