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. EDA Meeting#44 October 13, 1997 Page 2 B. Consideration of Resolution No.97-EDA-70C,Appointing Economic Development Commission Members to Fill Vacancies. MOTION/SECOND: McCarty/Koopmeiners to appoint Thomas Feels to the Economic Development Commission with a term expiring December 31, 1998. VOTE: 4 ayes 0 nays Motion Carried Resolution No.97-EDA-76 MOTION/SECOND: McCarty/Koopmeiners to appoint Steven Larson to the Economic Development Commission with a term expiring December 31, 1997. VOTE: 3 ayes 1 nay(Quick) Motion Carried C. Consideration of Approval of Resolution No.97-EDA-75C for a Participation Agreement with Preferred Builders in Consideration of the Sale of 8265 Spring Lake Road. Ms.Bennett explained that in August the EDA approved Resolution No. 97-EDA-73 which approved a Participation Agreement with Loren Hansen Construction for the property. After further thought,Loren did not sign the agreement and withdrew his interest in the property so the city once again opened offers on the lot accepting offers until October 7, 1997. One offer was received from Preferred Builders in the amount of $28,000. Preferred Builders is proposing to build a three bedroom modified two story single family home with a three car garage and two full baths with an estimated market value of$145,000. However since Preferred Builders do not have a buyer identified for the home at this time,the EDA must waive the requirement for a buyer/builder team that is stated as part of the Housing Replacement Program. Mr. Stigney noted that this property has not been solicited to other people without the restraint and he feels this should be done to see if there is any other interested parties. Ms.Bennett noted that she did talk with several others who did not have a buyer but told them that she would be happy to accept other offers, but they did not provide an offer. However,it was felt that the requirement may have deterred others from submitting one,and therefore all of the companies Ms.Bennett originally contacted should be re-contacted to see if they may now wish to submit an offer. MOTION/SECOND: Koopmeiners/Stigney to postpone Consideration of Resolution No. 97-EDA-75C until the next EDA Meeting and have Ms.Bennett contact the companies previously contacted to give them another opportunity to submit an offer without the restraints. VOTE: 4 ayes 0 nays Motion Carried D. Consideration of Resolution No.97-EDA-74C,Approving a Purchase Agreement with Meridian Properties Real Estate Development Limited Partnership for the sale of 2624 Highway 10. Ms.Bennett explained that she was presented with a proposal from Meridian Properties Real Estate Development Limited Partnership DBA Told Development to purchase EDA land located at 2625 Highway 10. Told Development is proposing to purchase the property for$125,000 with$10,000 earnest money as a • deposit. The agreement contains a review date of 180 days to enable Told Development to go through the City process for zoning change,revision to the comprehensive plan,vacation of public street,major subdivision and development review. In addition,Told Development will have the option to extend the review date for two