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proposed, ($25,000) is expected to be higher than necessary, but is set so that is should <br />cover any unexpected expenses. HEDRA would reimburse itself with future TIF proceeds. <br />Commissioner Holzem motioned to adopt the resolution; Commissioner Elling Schultz <br />seconded the motion. <br />Motion passed 5 – 0 <br />*Commissioner Alongi Arrived, 6:10pm <br />B. Resolution: Adopt Modification to Redevelopment Plan/Establish TIF District No. 5 – Napa <br />Jessica Cook of Ehlers and Associates presented a resolution adopting certain modifications <br />to the Vermillion Street Redevelopment Plan, and establishing TIF District No. 5. <br />Commissioner Hollenbeck verified that the TIF district could be modified at a future date if <br />necessary, which Ms. Cook confirmed as long as it is done within the next 5 years. <br />Commissioner Hollenbeck motioned to adopt the resolution; Commissioner Toppin seconded <br />the motion. <br />Motion passed 6 – 0 <br />C. Resolution: Authorize Certain Actions Related to Acquisition - Hudson Manufacturing. <br />A Special City Council Meeting on June 21, 2010, authorization was given for City Staff to <br />continue to negotiate a purchase agreement and relocation of Hudson to the former Intek <br />building at 800 10th Street E. There appears to be agreement on the acquisition price and <br />terms; however disclosure of recent environmental documents warrant further investigation. <br />Prior to any finalization of the purchase agreement, certain environmental, financial, and legal <br />. <br />due diligence items would need to be conductedThe City is asking for three months to <br />conduct the environmental studies necessary to know exactly what they will be taking on. <br />Hudson has indicated that the three month waiting period would mean they would be <br />“closing” on the purchase at their busiest time of year, and there for are not thrilled by the <br />time frame. <br />Commissioner Toppin motioned to adopt the resolution; Commissioner Hollenbeck seconded <br />the motion. <br />Motion passed 6 – 0 <br />D. Authorize Purchase Agreement - Mann Property <br />An update was provided to the Commissioners that Mr. Mann’s representative at CB Richard <br />Ellis has countered our last offer with an offer of $260,000, and is looking for HEDRA/City to <br />bridge the gap between $260,000 and $230,000 for acquisition. <br />Commissioner Holzem motion to cap HEDRA’s purchase price at $230,000 and if that is <br />accepted then authorize staff to continue with any due diligence necessary. Commissioner <br />Hollenbeck seconded the motion. <br />Motion passed 6-0 <br />2 <br />Minutes – Hastings EDRA – 7/15/10 – Special Meeting Page <br />