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<br />EDA MINUTES <br />APPROVED <br /> <br /> <br />1 DATE : December 12, 2022 <br />2 TIME STARTED : 5:30 p.m. <br />3 TIME ENDED : 6:00 p.m. <br />4 MEMBERS PRESENT : EDA Members Lyden, Stoesz, Cavegn, <br />5 Ruhland, Rafferty <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 work session meeting was called to order at p.m. by EDA President Ruhland. <br />12 <br />13 ACTION ITEM <br />14 <br />15 3A) Discuss Amendment to Purchase and Development Agreement with Silver <br />16 Creek Equity, LLC. , Lots 1-3, Outlot B & C, The Village No. 4- Community <br />17 Development Director Grochala recalled the council’s last discussion of this topic. As <br />18 background he noted that the existing agreement requires development of a commercial <br />19 element prior to or concurrent with multi-family. The developer had asked to move the <br />20 commercial requirement forward and eventually cap that clause if commercial doesn’t <br />21 come forward. In consideration of the council’s discussion, staff is presenting three <br />22 options to move forward – Option one is no change to the purchase agreement (developer <br />23 at this point not willing to move forward with this option); Option two would amend the <br />24 purchase agreement to allow the multi-family building to proceed without prior or <br />25 concurrent construction of retail/restaurant building; Option 3 would amend the purchase <br />26 agreement to allow for extensions to the due diligence period with additional, partially <br />27 non-refundable, earnest money deposits. <br />28 <br />29 <br />30 <br />31 The meeting was adjourned at 6:00 p.m. <br /> 1 <br />