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