Laserfiche WebLink
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 />17 <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 />40 <br />41 <br />42 <br />Mounds View EDA May 22, 2017 <br />Regular Meeting Page 2 <br />credits through the Minnesota Housing Agency. He noted two of the parcels were tax forfeited. <br />He explained the City Attorney had reviewed the Purchase Option Agreement. Staff provided <br />the EDA with the most recent document. <br />City Attorney Riggs reviewed the Purchase Option Agreement in further detail with the EDA and <br />explained the agreement would allow the City to have site control. He summarized the changes <br />that were made to the agreement and recommended approval. <br />Council Member Mueller questioned what would happen if the purchaser did not agree to the <br />new dates. City Attorney Riggs described how the Purchase Option Agreement would work <br />between the City, County and developer in order to allow for the project to move forward. <br />Council Member Mueller asked if the developer could buy the property and not move forward <br />with the project. City Attorney Riggs stated this was a possibility, which was the reason the <br />Purchase Option Agreement was being put in place with a specific project timeline. <br />Further discussion ensued regarding the terms within the Purchase Option Agreement. <br />MOTION/SECOND: Gunn/Meehlhause. To Waive the Reading and Adopt Resolution 17 - <br />EDA -300, MWF Properties Purchase Option Agreement of Tax Forfeited Parcels as revised. <br />President Mueller understood this agreement was one step in many steps that will have to occur <br />in order for this development to be completed. <br />Chris Stokka, MWF Properties, asked if the July dates could be amended. City Attorney Riggs <br />commented this date did have latitude. <br />President Mueller questioned when MWF Properties would learn if they had received housing <br />credits from the State. Mr. Stokka reported he would learn more about this in October or <br />November. <br />President Mueller inquired when the traffic study would be completed. Mr. Stokka indicated the <br />traffic study would be completed the first week of June. <br />Ayes — 4 Nays — 0 Motion carried. <br />8. REPORTS <br />None. <br />9. NEXT EDA MEETING: Monday, June 12, 2017 <br />