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� -- --- - __ _ � � _ �.�' ° � - --- — - --- I�s � �.. .�� ��:��" __ --- --�----�' � _�.. ;� �a <br />EDA Meeting #21 <br />April22, 1996 <br />Page Two <br />1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />]7 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />29 <br />30 <br />31 <br />32 <br />33 <br />34 <br />35 <br />36 <br />37 <br />38 <br />39 <br />EDA BUSINESS: <br />�� ��� F�."1 l�,, � n r-..,;< �s <br />1' � ,�, r ,i r3 �;1 i� ; �`; � .,T, `� <br />� � ��- �: � <br />�,-, ,�J ���l� z �� , <br />� : `�� � [� � ��:�:� ���;� �-� <br />A. Consideration of Resolution No. 96-EDA-45 Approving and Authorizing a 90-Day <br />Option Agreement with Tony and Dolores Jambor for the Bel-Rae Land and Building. <br />Cathy Bennett, Economic Development Coordinator explained that this resolution would <br />approve and authorize the officers of the EDA to enter into an Option Agreement for the <br />exclusive right to purchase the Bel-Rae Ballroom land and building, with $10,000. in <br />Earnest Money being �ut into a Trust Account until the option expires. She noted that <br />some revisions had been made to the draft option agreement which she proceeded to <br />discuss in greateT- detail. The amount due upon closing if the option is exercised would <br />be $740,000. plus the $10,000. Option Agreement. If no action is talcen on the Option <br />Agreement, the Seller would retain the Earnest money as well as the property. <br />Ms. Bennett noted that the Seller was under the impression that the $750,000 would <br />exclude all of his legal costs associated with closing on the property. The closing costs <br />are estimated to be $8,700.00, which the city is being asl<ed to pay in addition to the <br />purchase price. <br />Ms. Bennett briefly updated the Board on the status of the negotiations with various <br />parties for space at the proposed community c,enter. One party was a private venture (a <br />volleyball association) who stated they may be interested in entering into a joint venture <br />with the city for their facility and also something to serve as a community center type <br />facility. The option time frame will allow this party the time they need to sit down and <br />determine the feasibility of such a proposal. To indicate their strong interest in this <br />project, they have offered to put down some of the option money. The city has not <br />accepted the offer yet as they want to dete►-mine what legal ramifications there could be if <br />the project did not proceed. The city has also met with the school district Community <br />Education Director and they indicated a strong interest in looking at ways they could help <br />with this as well. <br />Delilah Johnson, 7521 Edgewood Drive, stated she would lilce to see the city purchase the <br />Bel-Rae Ballroom for a Community Center. She has spoken with several residents and <br />provided the city with a number of letters in support of the city's purchase of the property. <br />Mr. Whiting stated he would be interested in receiving input from residents and council <br />members as to wh�t they would lil<e to see included in the community center if it were to <br />