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08/14/1995 Council Packet
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08/14/1995 Council Packet
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City Council
Council Document Type
Council Packet
Meeting Date
08/14/1995
Council Meeting Type
Regular
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Mr. Batty informed the board that Blue Heron Ltd. had agreed to everything in the <br />development agreement except for a clause which would not allow the limited <br />partnership to sell the building for one year after the certificate of completion was <br />issued. Blue Heron also cannot sell without EDA approval. Mr. Batty indicated the EDA <br />could be amenable to some softening of the language, and that the EDA would likely <br />have no problem granting permission to sell the building provided the new buyer had <br />resources to be able to carry out the obligations in the development agreement. Mr. <br />Batty suggested the EDA approve the development agreement contingent upon his <br />satisfactory resolution of the sale clause. <br />EDA President Reinert stated that the EDA would be concerned that Blue Heron could <br />sell to anybody. Mr. Batty responded that the major risk was before construction, and <br />once the certificate of occupancy was issued, the city's risk went way down. The <br />EDA would retain the right to give preapprova/ of a new owner. <br />EDA Member Kuether moved to approve the development agreement between the <br />EDA and Blue Heron Ltd. EDA Member Elliott seconded the motion. Motion passed <br />unanimously. <br />ADJOURNMENT <br />EDA Member Kuether moved to adjourn. EDA Member Elliott seconded the motion. <br />Motion passed unanimously. Meeting adjourned at 5:18 p.m. <br />
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