2008-03-25PLEASE TURN OFF CELL PHONES & PAGERS IN COUNCIL CHAMBERS.
AGENDA
1~IO:UND HOUSING F& REDEVELOPMENT,=AUTHORITY
IZEGULAR~ME°ET.ING.F 1
TUES
DAY, MARCHr~25, 2008 4. k6 45 PM ~-
r .. ;~,, ~~t ..
MOUND' CITY ;COUNCIL CHAMBERS,,
Page
1. Open meeting
2. Action approving agenda, with any amendments
3. Action approving minutes: March 1 1, 2008 -Regular Meeting 1
.--,
~. Action approving resolution appointing Carlton Moore as Acting 2
Executive Director of the HRA for the remainder of 2008
5. Monthly Manager's Report for Indian Knoll Manor 3-11
6. Redevelopment Update by Mound Harbor Renaissance, including 12-14
discussion of possible redevelopment contract amendment
7. Adjourn
.~IAOUND HOUSING AND REDEVELOPIIAENT AUTHORITY
(~` MARCH 11, 2008
The Mound Housing and Redeye opment Authority in:;and for the,., City of Mound;
Minnesota, met in regular session. on Tuesday, March 11, 2008 at 7:15 p.m: iri the
council chambers of city hall.
Members present: Chairperson Mark Hanus; Commissioners David Osmek, Mike
Specht, John Beise and Greg Skinner
Others present:-City Attorney John Dean, Acting Executive Director Gino Businaro,
Community Development Director Sarah Smith, Ken Perbix, Peter Johnson, John
Timbers
1. Open meeting
Chair Hanus called the meeting order at 7:15 p.m.
2. Approve. agenda
MOTo10 ab I Beise, econded b Specht to approve the agenda. All voted in "favor.
Y_ $ Y
3. Approve minutes
MOTION by Beise, seconded by Specht to approve the minutes of February 26, 2008.
- All voted in favor. Motion carried. ~ - ~ -
~'" 4. Matters relating to the acauisition of property at 5567 Shoreline Drive
John Dean reviewed the option agreement for 5567 Shoreline Drive and the HRA
discussed the terms.
5. Consideration/Action ~on Resolution Approving Option Agreement for Property
at 5567 Shoreline Drive
MOTION by Beise, seconded by Skinner to adopt the following resolution. All voted in
favor. Motion carried.
RESOLUTION NO. 08-08H: RESOLUTION APPROVING OPTION AGREEMENT FOR
PROPERTY AT 5567 SHORELINE DRIVE
6. Ad'ourn
MOTION by Specht, seconded by Beise to adjourn. All voted in favor. Motion carried.
Chair Mark Hanus
Attest: Bonnie Ritter, City Clerk
CITY OF MOUND
RESOLUTION- N0.08=.
RESOLUTION tAPPOINTING CARLTON MOORE
AS ACTING EXECUTIVE DIRECTOR OF THE HRA FOR THE RE1111AINDER OF 2008.
WHEREAS, it is determined that the Acting Executive Director of the HRA shall perform
the duties of Executive Director during the disability or absence of the Executive
Director from the City or, in the case of vacancy in the office of Executive Director, until
a successor has been appointed and qualifies; and
WHEREAS, the current Acting Executive Director of the HRA is Gino Businaro, who has
retired from the City of Mound,
NOW THEREFORE, BE.IT RESOLVED by the City Council of the City of Mound,
Minnesota, to appoint Carlton Moore as Acting Executive Director of the Housing and
Redevelopment Authority for the remainder of 2008.
Adopted by the HRA this 25th day of 11~fareh, 2008. -
Chair Mark Hanus
Attest: Bonnie Ritter, .City Cleck
2
1
.-~ MOUND HRA
INDIAN KNOLL APARTMENTS
PROPERTY MANAGER'S MCINTHLY REPORT
March 25, 2008
Manager's Agenda
• February Bank Statement
• February Income Statement
• Review of bills paid
Managers Report
~-~
3
t
WELLS FARGO-BANK, N.A.
~lDGEDALE OFFICE
~~OST OFFICE BOX 8 514
~11NNEAPOLIS, MN 55479
- {~{r{n{r~[u{{r~{{iii{n{ui~{i~{~rn({r{{nr~i{u{ui{{~~{ir~
HOUSING & REDEVELOPMENT AUTHORITY
SPECIAL ACCOUNT
CITY OF MOUND
FINANCE DIRECTOR
5341 MAYWOOD RD
..MOUND MN 55.364-1627
Page 1 of 3 ~
1100 (C0300)
Account Number: 000-0033530
Statement Period: Feb 29, 2.008
image Count: 25
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if you have any questions about this statement or your accounts, call: 800-225-5935 (1-800-GALL-WELLS).
Accounts at a Glance
Account Beginning Deposits/ Withdrawals/ Ending
Type Balance Credits Debits Balance
Basic Business Checking with Interest 37,782.12 23,140.35 - 24,750.44 36,172.03
000-0033530
s from Wells Fargo
'c Business Checking with Interest 000-0033530
Housing & Redevelopment Authorify
t
l A
i
ccoun
Spec
a
Jan 31 Beginning Balance ~ 37.782.12
Feb 29 Ending Balance 36,172.03
Deposits and Credits _____.~~_-----------------------------_ --____--------------- ------------------------ ----------------------
Posted
Date Transaction Defail Amount
Feb O6 Deposit 5,167.75 ""
'
Feb 06 Deposit ~ 3,842.00 '
Feb 06 Deposit 1 ~
Feb 06 Deposit 9¢,00
Feb 06 Deposit '''
Feb 11 Deposit 4 0 ~
Feb 13 Deposit 68
0
Feb 13 Deposit :
`'
Feb 20 Deposit 531.21 /'
Feb 21 Hud Treas 303 Misc Pay 022108 410962421860103
RMTtVVt099193984""""`thud Operating Fund MN0740 10,708.00
.Feb 29 /nterest Payment 2.28
:hacks Paid -----=---
Check # Dafe Amount Check # Dafe Amount
002. Feb 22 23.7@`~
~ 2872 t Feb 19~~ ~443.68'~
'
2862 t Feb OB 153.00 ' 2877 t t Feb 11 850.00`
2864 Feb 04 221.57 2878 Feb 20 8,806.64
2866 t Feb 01 938.65 2879 Feb 20 103.00
`Gap in Check Sequence
,
+ Item converted to substitute check
tinned on next page
4
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= Page 2 of 3 ~~
1101
~~~sinq & Redevelopment Authority -
t
'-` Account Number.•
_ Sfatemenf Enrt Dafe: 000-0033530
02/29/08
4ccoun
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hecn Paid -------_-____.--____-_.._ --------____--____- -__--_--_-_------------------------------------ ----------------_--
Check # Dafe
Amounf _ _.:.
.Check # Dafe
- ~
Amount
r-~
2880 Feb 13 1,354.634 - 2890 Feb 19
2891 ~ Feb 20 156.76
g10•g7/ '
2881 Feb 19
2883 Feb 19 2,400.59
22.47 2892 +. Feb 15 .4.72''
'
2884 Feb 20
5 Feb 20 145.15 ~
75
177 2893 Feb 19
2894 + Feb 15 1, 888.99
3,439.24'r
~
288
2886 Feb 20
887 Feb 19 .
179.90 ~
56
83 2895 Feb 29
2897 Feb 28 59.77 '
1,426.18 ~
2
2888 Feb 20 .
47.92 2903 `+ Feb 28 ~ 2,237.54
2889 Feb 22 .74.00
" Gap in Check Seqquence
+ Item converted fo subsfftufe check
7aily Balance Summary ---------__ ___ ~_~_-w__-_ ---___-- - - - --- - - --------- -------°-----------
Date Balance Date ~~~ ____._-~--- Balance
Jan 31 37,782.12
643
47
37 Feb 19
Feb 20 38,523.19
29,282.99
Feb O1
Feb 04 .
,
37,421.90 Feb 21 39,990.99
39
893
23
Feb OB
Feb 11 47,973.75
47,765.75 Feb 22
Feb 28 ,
.
36,229.51
Feb ?3 46,963.12 Feb 29 36,172.03
Feb 15 43,599.16
Average Collected Balance ~; 47,4tfJ.4,7 ~ _
_-
-
'nterest Summary --------------------------_------- -----_----------__.--_
------
f'"`~ual Percentagge Yield Earned This Period 0.0-I%
2..29
crest Earned During This Period
, ear to Date Interest and Bonuses Paid ' 7.57 .
51
45
Total Interest and Bonuses Earned Jn 2007 .
'our Interest
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Mound MN Housins;l Authority
2020 Commerce Blvd
Mound, MN 55364-1,577
. As-OE
.'-~ February 29. 2008
,,;gALANGE-; SHEET
_.
ASSETS
111101 -Cash General Fund
32,677.57
_ 1.11700 = Petty Cash
~ 100.00
80
835
2
112200 -Tenants Accounts Receivable .
,
112900 -City of Mound 910.11
81
1
867
116200 -General Fund Investments ,
.
391.90
4
121100 - Prepaid Insurance ,
(42.15)
129000 -Deferred Charges _ 904.64
505
1
- 140002 - Development Cost ,
,
815,55)
335
(2
140003 -Development Cost Contra ,
,
043.28)
031
(2
140005 - Accumlated Depreciation ,
,
970.53
642
1
140007 - Suiidings
140008 - Fumifiure,Equipment,Machines-Dwelling ,
,
37,373.95
- 140009 - Furniture,Equipment,Machines-Admin 17,493.01
440.04
30
140016 - Land Improvements ,
126.82
714
140017 - Building Improvements ,
91
910
829
140055 -Mod Cost Complete .
,
67
567
42
140095 -Mod Cost Uncomplete .
,
150600 -Mod Cost Uncomplete Contra 0,0.846.81_
TOTAL ASSETS d85.E22_
SURPLUS AND LIABILITIES
211100 -Accounts Payable Vendors & Contractors (129.64)
211400 -Tenants Security Deposits (9,8$3.00)
500.00)
(4
211410 -Tenants Pet Deposits ,
(643.62)
211499 -Security Deposit Interest 000.00)
(40
212900. - Notes Pay Levy Fund ,
490.53)
(3
213700 - Payment in Lieu of Taxes ,
624.82)
(1
213701 -PILOT Current Year
280200 -Investments in Fixed Assets -Net ,
(420,606.87)
- 280600 -Unrestricted Net Assets 38,457.96
Current Year Net Activity (43 402.451
TOTAL SURPLUS AND LIABILITIES 1485.822.97.
311000 - Dwelling Rental
312000 - Excess Utilities
Total Rental Income
Mound MN Housing Authority
2020 Comrn~rce Blvd
Mound. MN x5364-1577
As,Of=
February ~~9.2U08 - -
Statement of Operating Receipfis &"'expenditures
- YTD Over
Current YTD Prorated (Under}
#ativi Balance Budget Budget
(11,164:34) (55,774.34) (22,073.34} 33,701.00
361000 - Investment InterestlGeneral Funds
369000 -Other Income
802000 -Operating Subsidy
Total Other Operating Receipts
Total Receipts
Expenses
411000 -Westport Payroll & Benefits
411045 -Employee Benefits Administrative
411200 - Manager ~P-ayroll -
413000 -Legal Expense
414000 -Staff Training
415000 -Travel
417000 -Accounting Fees
417100 -Auditing Fees
419000 -Sundry-Administrative
419500 -Outside Management
Total Administrative Expense
422000 -Tenant Services
Total Tenant Services Expense
431000 -Water
432000 -Electricity
433000 -Gas -.
439000 -Other Utility Expense
439100 -Garbage Removal
Total Utilities Expense
441000 -Maintenance Labor
441045 -Employee Benefits Maintenance
442000 -Materials
443000 -Contract Costs
Total Maintenance Expense
0:00 (41,.55) f 126.66) 1,85.11)
(11,164.34) (55,815.89) (22,200.00} (33,615.89)
:..', (2.29) (20.84) (8.34) . 12.50
"(1,251.96) (2,195.00) {666.66) 1,528.34
-(10,708.00) (39,135; 861 (15,107.84) _ 24.028.02
(11,962.25) (41,351.70) (15,782.84) (25,568.86)
(23,126.59) (97,167.59) X37,982.84) (59,184.75)
0.00 2,278.55 0.00 2,278.55
0.00 $47.88 1,281.66 (933.78)
2,164.00 8,253. ,;5,416.66 2,836.34
0.00 0.00 166.66 (166.66)
0.00 0,00 83.34 {83.34)
0.00 47.59 66.66 (19.07}
150.92 1,528.68 416.66 1,112.02
0.00 5,000.00 1,250.00 3,750.00
246.11 2,740.54 4,458.34 (1,717.80)
850.00 5100.00 1700.00 3,400.00
- 3,411.03 25,296.24 14,839.98 10,456.26
0.00 0.00 33.34 _ X33.341
0.00 0.00 33.34 (33.34)
522.65 1,011.94 533.34 478.60
1,888.99 6,465.73. 3,258.34 3,207.39
2;400.59 9,609.59 4,703.34 4,906.25
2;490.81 5,019.50 2,318.34 2,701.16
310.97 1,212.83 900.00 312.83
''~' ~ 7:614.01 23 319.59 11,713.36 11.606.23
1,736.87 5,715.20 5,666.66 48.54
_ -_ 699.79 1,590.88 1,340.00 250.88
442.06 1, 632.74 1, 300.00 332.74
...2,595.74 9,232.04 2.701.66 6.530.38
:: x;474:46 18.170.86 11,008.32 7,162.54
7-- ,:
1
Mound MN Housino Authority
2020 Commerce Bivd
Mound, MN 55364-1577
As Of
February 29, 20.08
Statement of Operating Receipts & Expenditures
451000 - Insurance
452000 - Pmts in Lieu Of Taxes
457000 - Collection Loss
Total General Expense
Total Routine Expense
Total Nonroutine Expense
Total Expense
YTD Over
Current YTD Prorated (Under)
Activi Balance Budget Budget
893.55 3,719.74 2,033.34 1,686,40
177.52 1,624.82 524.34 1,100.48
0.00 (142.671 0.00 (142.67)
07
071
1 201.89
5 2.557.68 2,644.21
.
. .
57
570
17 988.58
71 40,152.68 31.835.90
_
.
. ,
00
0 0.00 0.00 0.00
.
17.570.57 71.988.58 40.152.68 31,835.90
A~~
PAID INVOICES SORTED SY VENDOR
tNOLL MANOR
AMERCE HLVD FROM February 1, 2008 THROVaH February 29, 2008
March 17, 2008.
nN 55364
PAGE: 1
VENDOR CHECK ACCTG CHECK M INVOICE INVOICE CUMULATIVE
NAME. DATE DATE NUMBER 6 _ 'NUMBER AMOUNT TOTAL
PROGRAMMED MANkGEMENT CORD 02-OB-2008 FEH2O08 2888 6 7031232 47.92
TOTAL PAID 47.92 47.92
WESTPORT PROPERTIEB INC 02-OB-2008 FEB2008 2892 6 jan copier 4.72
WEBTPORT PROPBRTIES INC 02-01-2008 JAN2008 2877 B 01/08 mgmt fee 850.00.
.TOTAL PAID 854.72 902.64
WESTPORT PROPERTIEB PAYROLL 02-12-2008 FEB2008 2894 B 2/15 payroll 3439.24
WESTPORT PROPERTIES PAYROLL 02-26-2008 FEB200B 2903 6 2/28 payroll 2237.54
• TOTAL PAID 5676.78 6579.92
XCEL ENERGY 02-OB-2008 FEH2008 2893 8 022508 1888.99
TOTAL PAID 1888.99 8468.41
HOME DEPOT CREDIT BERV-MOUND 02-OB-2066 FEB2008 2803 B - 6583159 22.47
=~
TOTAL PAID 22.47 8490.88
STB FLOORING INC 02-08-2008 FEB2008 2890 B 53602 156.76
TOTAL PAID 156.76 8647.64
NOME DEPOT 6UPPLY 02-22-2008 FE82008 2899 B 42054145 312:02
HOME DEPOT 6UPPLY 02-22-2008 FEB2008 2899 B 92054070A 253.27 -
HOME DEPOT SUPPLY 02-22-2008 FEB2008 2899 6 420540708 319.84
TOTAL PAID 885.13 9532.77
CenterPOint Energy 02-OB-2008 FEB200B 2881 B 022008 597.61
CenterPoint Energy 02-OB-2008 FEB2008 2881 B 022008/2 1802,98
TOTAL PAID 2400.59 11933.36
Peachtree Business Products 02-OB-2008 FEB2008 2889 B P153313900012 74.00
TOTAL PAID 74.00 12007.36
CULLIGAN 02-22-2008 FEB20D8 2898 B 021808 232.65
TOTAL FAID 232.65 12240.01
1 Q
1
N KNOLL MRNOR
COMMERCE BLVD
MN 55364
PAID INVOICES SORTED BY VENDOR
FROM February 1, 2006 THROUGH February 29, 2008
March 17, 2008
PAGE: 2
.---~
g ,dNDOR CHECK ACCTG CHECK M INVOICE INVOICE CUMULATIVE
R NAME DATE DATE NUMBER 6 NUMBER AMOUNT TOTAL
--------------------------------------------------------------------------------------------
MINNESOTA ELEVATOR INC 02-22-2008 FEB2008 2900 S 132908 209.81
TOTAL PAID 209.81 12449.82
1 C NABER and ASSOCIATES 02-OB-20.08 FEB2008 2879 S 41618 103.00
TOTAL PAID 103.00 12552.82
i2 MOUND TRUE VALUE HARDWARE 02-OB-2008 FEB2008 2885 6 043685
12 MOUND TRUE VALUE HARDWARE 02-OB-2008 FE82006 2885 8 093716
12 MOUND TRUE VALUE HARDWARE 02-08-2008 FEB2008 2885 S 043978
12 MOUND TRUE VALUE HARDWARE 02-OB-2008 FE82008 2885 S 043986
TOTAL PAID
)3 ADAMS PEST CONTROL INC 02-22-2008 FEB2008 2695 5 432159
TOTAL PAID
14 CITY OF MOUND 02-OB-2008 FEB2008 2880 S 021508
',~" CITY OF MOUND 02-22-2008 FEB2008 2897 S 031508
TOTAL PAID
------------------------------------------------------------------------------------------------
25 IKON FINANCIAL SERVICE - LEASE02-08-2008 FEB2008 2889 S 75472013
TOTAL PAID
-----------------------------------------
28 On Time Delivery Service 02-08-2008 FEB2008 2887 B 55490
TOTAL PAID
50 Global Equipment Company 02-OB-2008 FEBZ008 2882 8 102459938
TOTAL PAID
51 Mediacom LLC 02-OB-2008 FEB2008 2686 S 021308
51 Mediacom LLC 02-22-2008 FEB2008 2901 B 021408
TOTAL PAID
10 WASTE TECHNOLOGY INC 02-OB-2008 FEB2008 2891 8 116979
TOTAL PAID
68.25
4.29
84.22
20.99
177.75 12730.57
--------------'-------
59.77
59.77 12790.34
1354.63
1426.18
2780.81 15571.15
145.15
145.15 15716.30
83,56
83.56 15799.86
23.76
23.76 15823.62
•---------'-----------
179.90
89.95
264.85 16088.97
----------------------
310.97
310.97 16399.44
----------------------
1~ R
~~ Kennedy
C H A R T E R E D
470 U.S. Bank Plaza
200 South Sixth Street
Minneapolis MN 55402-1458
(612) 337-9300 telephone
(612) 337-9310 fax
http://www.kennedy-graven.com
Affirmative Action, Equal Oppomuury Employer
,TORN B. DEAN
Attorney at Law
Direct Dial (612) 337-9207
Email: idean(u~kcnncdv-~ravcn.com
MEMORANDUM
DATE: March 20, 2008
TO: HRA Commissioners
FROM: John Dean
SUBJECT: Modifications to Contract with Mound Harbor Renaissance Development
LLC.
The HRA and Mound Harbor Renaissance Development LLC (MHRD) entered into the
Redevelopment Contract almost exactly three years-ago (3/22/05).
The contract outlined the targeted time lines for the start and completion of construction in
the three phases described in the contract. Only Phase 1, Lost Lake, has met the targeted
date for commencement of construction. The targeted commencement date for Phase II,
Auditor's Road, was on or about September 1, 2006; and the targeted commencement date
for Phase III, Lake Langdon was September 1, 2007.
Additionally, the contract granted MHRD a first refusal right to develop parcels in the South
110. The right was for four years, and consequently will expire in one year.
At several recent meetings of the HRA, questions have been posed regarding MHRD's
current intentions regarding Lake Langdon and South 110. By way of follow-up, staff and
MHRD have reviewed the host of circumstances, unanticipated in 2005, in an attempt to
330576v1 JBD MiJ195-15
12
,,...., determine how to proceed. Those discussions did not cover all of the issues that had been
raised by MHRD in early 2007 regarding .other contract terms. Those items will need to be
the subject of future discussion if the Auditior's Road development does proceed.
As a result of those discussions we are proposing the following suggested modifications to
the contract:
Phase II (Auditor's Roadl
The contract currently provides for construction on this phase to start on September 1, 2006
and be completed by December 31, 2009. Commissioners will recall that the HRA has
previously given a favorable consideration to the idea of staging the commencement of
construction in Auditor's Road, with the restaurant development on the east end going first.
In light of the fact that the HRA has recently secured atwo-year extension to the LCMA
Grant for the ramp, we would recommend that the agreement be amended to require that the
development of the east end of Auditor's Road be commenced not later than June 30, 2010.
(This does not address the separate issue of the need to have adequate assurance that a
restaurant user is committed before we bind ourselves to construct the ramp. That issue can
be better dealt with by other means.)
As to the date for completion, we would suggest that the provision be "December 31 of the
first year that date is at least 15 months from the date of commencement." As you know,
"r any date prior to December 31 in not relevant since valuations occur on January 2 of the
next year.
There are several ways that the timing of commencement for the rest of Auditor's Road
could be examined. (MHRD has suggested that Auditor's Road may contain three phases.
For openers, if the east end is not commenced within the stated timeline, then the HRA can
terminate MHRD's right to develop the rest of Auditor's Road. If the east end is
commenced within the time limit, then the simplest approach would be to give MHRD a
single additional time period to commence all of the rest of Auditor's Road such as two
years after the completion of the east end. MHRD has suggested that the timetable require
the second phase of Auditor's Road be started within two years after the start of the east end,
and the third phase start within 2 years after the commencement of the second phase.
MHRD bases its recommendation on build-out times and the time to lease up buildings after
completion. This approach, although somewhat protracted, does appear to be reasonable.
Phase II (Lake Langdon)
As to Lake Langdon, MHRD's feasibility analysis of this district has failed to show that the
development remains prudent for it. However, from the standpoint of giving the HRA a
further opportunity to find a viable development for Lake Langdon, we recommend that the
agreement with MHRD be amended to contain a consent by MHRD to the assignment of the
Lake Langdon phase to any third party designated by the HRA as a suitable assignee.
330576v1 JBD ML]195-15
13
This response begs the further question as to what should be done about the timeframe for
development at Lake Langdon. The HRA may want to have further discussions on that
subject on Tuesday.
South 110
MHRD has agreed to the release of the provisions of the agreement giving it the first refusal
right to South 110. Because this area was never included within the tax increment district,
the release would have no impact on the HRA.
I will be present at the March 25 HRA meeting in the event you have questions or
comments.
330576v1 JBD MU195-15
14