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EDA MINUTES <br />DRAFT <br /> <br /> <br /> 1 <br />DATE : December 12, 2022 1 <br />TIME STARTED : 7:30 p.m. 2 <br />TIME ENDED : 7:38 p.m. 3 <br />MEMBERS PRESENT : EDA Members Rafferty, Stoesz, 4 <br />Cavegn, Ruhland, Lyden 5 <br />MEMBERS ABSENT : 6 <br />OTHERS PRESENT : Community Development Director 7 <br />Michael Grochala; City Administrator 8 <br />Sarah Cotton; City Clerk Julie Bartell 9 <br /> 10 <br />The meeting was called to order at 7:30 p.m. by EDA President Ruhland 11 <br /> 12 <br />CONSIDERATION OF THE MINUTES OF NOVEMBER 14, 2022 AND 13 <br />DECEMBER 5, 2022 14 <br /> 15 <br />Economic Development Authority (EDA) Member Cavegn moved to approve the minutes 16 <br />of November 14, 2022 and December 5, 2022 as presented. EDA Member Lyden 17 <br />seconded the motion. Motion carried on a voice vote. 18 <br /> 19 <br />ACTION ITEM 20 <br /> 21 <br />3A) A. Consider Amendment to Purchase and Development Agreement with 22 <br />Silver Creek Equity, LLC. , L ots 1 -3, Outlot B & C, The Village No. 4 - Community 23 <br />Development Director Grochala summarized the written report and reviewed discussion of 24 <br />this subject over the past months. Based on last week’s EDA work session discussion, 25 <br />the board directed staff to put together an amendment related to Option 3 – amend 26 <br />purchase agreement to allow for extensions to due diligence period with additional, 27 <br />partially non-refundable, earnest money deposits. Remaining elements of the agreement 28 <br />would remain intact, with the adjustment of some. The amendment would allow the 29 <br />buyer to extend the due diligence period several times with a deposit. Only half of earnest 30 <br />money is refundable. Other elements of the agreement were reviewed. 31 <br /> 32 <br />Councilmember Stoesz asked if zoning changes will be required and Community 33 <br />Development Director Grochala noted that there are anticipated modifications to the PUD 34 <br />and there could be some other minor changes. 35 <br /> 36 <br />Councilmember Lyden asked Director Grochala for his opinion on the amendment. Mr. 37 <br />Grochala said based on the developers current concerns and the council concerns, this 38 <br />option allows for time to bring forward commercial. Mr. Grochala added that, contingent 39 <br />upon the amendment, the developer will be bringing in a broker and adding signs to the 40 <br />site. 41 <br /> 42 <br />Councilmember Stoesz asked what happens if Silver Creek Equity changes in some way 43