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EDA MINUTES DRAFT 1 DATE : December 5, 2022 1 TIME STARTED : 5:30 p.m. 2 TIME ENDED : 6:00 p.m. 3 MEMBERS PRESENT : EDA Members Lyden, Stoesz, Cavegn, 4 Ruhland 5 MEMBERS ABSENT : EDA Member Rafferty 6 OTHERS PRESENT : Community Development Director 7 Michael Grochala; City Administrator 8 Sarah Cotton; City Clerk Julie Bartell 9 10 The work session meeting was called to order at 5:30 p.m. by EDA President Ruhland. 11 12 ACTION ITEM 13 14 3A) Discuss Amendment to Purchase and Development Agreement with Silver 15 Creek Equity, LLC. , Lots 1-3, Outlot B & C, The Village No. 4- Community 16 Development Director Grochala recalled the council’s last discussion of this topic. As 17 background he noted that the existing agreement requires development of a commercial 18 element prior to or concurrent with multi-family. The developer had asked to move the 19 commercial requirement forward and eventually cap that clause if commercial doesn’t 20 come forward. In consideration of the council’s discussion, staff is presenting three 21 options to move forward – Option one is no change to the purchase agreement (developer 22 at this point not willing to move forward with this option); Option two would amend the 23 purchase agreement to allow the multi-family building to proceed without prior or 24 concurrent construction of retail/restaurant building; Option 3 would amend the purchase 25 agreement to allow for extensions to the due diligence period with additional, partially 26 non-refundable, earnest money deposits. 27 28 The developer was present and responded. He remarked that Option 3 would be a good 29 path for everyone. It allows him to move toward development (installing sign); without 30 that type of movement he doesn’t think they will move ahead. He really doesn’t have 31 interest in moving ahead without the retail. 32 33 EDA Member Stoesz asked if it’s possible to extend the January 6th date and Mr. 34 Grochala said an extension is actually what is being discussed. 35 36 EDA Member Cavegn confirmed that Option 3 means that nothing happens right now. If 37 there isn’t someone for commercial in two years, nothing happens. 38 39 EDA Member Lyden noted that other Councilmembers have stated and he is in agreement 40 that the retail needs to be there. If the commercial doesn’t come, and that isn’t anyone’s 41 fault, he’d rather see the space as community open space than simply adding housing 42 units in place. 43 44