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Community Redevelopment Agency May 9, 2013 Page 2 of 3 Mr. Trueba made a motion to approve the April 11, 2013 minutes. Ms. Peters seconded the motion. The motion passed unanimously by voice vote. The agenda was modified to hear the action items. Third Item of Business: CRA Property Distribution Mr. Randy Newlon, City Manager, requested the CRA consider a Resolution that was included in the agenda packet. He said it concerns the development of the property surrounding City Hall on US Highway 17 -92, Mr. Newlon said the project requires all the contiguous properties be brought together for the purpose of developing the land to include apartments and retail along the frontage on US Highway 17 -92. He said the City is working with the developers to execute a development agreement. He said the development agreement will stipulate what the project will look like and some general terms. He said it will also call for execution of more agreements as the project progresses. Mr. Newlon said it is envisioned that the development will occur in phases and as the developers are ready to take different aggregated parcels for development they will call for them to be "taken ". He said when that occurs another process will occur that will lead to a separate closing of those aggregated parcels. He said it is envisioned that at some point the developers will ask to take the CRA owned parcels (Target Outparcel and Black's Automotive site). Mr. Newlon said that the CRA needs to agree to authorize its Chairman to deed the CRA owned parcels to the City so that the parcels can be aggregated by the City. Mr. Newlon said the City would sell the parcels to the developers at a determined price in the development agreement and the net proceeds from that would be placed in an escrow account for the purpose of being reinvested in the property to develop the site and also to improve its place- making attributes. He said there is no likelihood that any money would come back to either the City or the CRA. He said it would be characterized as a donation of the CRA property to the City for the purpose of inclusion in the greater overall development. Mr. Newlon explained that when the developers call for "taking" the land, the City would make a request to the CRA for the CRA Chairman to execute a warranty deed. He said the City Attorney would hold that warranty deed in escrow and it would not be recorded until the City is ready to close on the property with the developers. Mr. Newlon said if no closing occurs with the developers the CRA's deed would not be recorded and the City would return the deed as a voided deed.