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• EDA Meeting#44 October 13, 1997 Page 3 consecutive periods of 90 days each with the deposit of$5,000 for each extension of which the second 90 day deposit of$5,000 is non-refundable. The agreement adds a provision that if the buyer terminates the agreement by reason of any of the contingencies,the EDA would be eligible to collect out-of-pocket expenses for the transaction relating to the sale. A public hearing on the sale of this land will be held sometime within the 180 day review period. An attorney with Kennedy and Graven has reviewed the agreement and found it acceptable. Ms.Bennett noted that the agreement contains language which would prohibit certain types of • adult oriented businesses. Mayor McCarty noted that the city cannot guarantee that they will have the necessary zoning changes, comprehensive plan changes,etc.in place one year from now and he wondered what the ramifications would be. Mr. Cunningham of Told Development stated he feels the proposed development will fit well in the community and does not feel the use will be controversial. He noted that they will be arranging a neighborhood meeting on October 22, 1997 to obtain neighborhood involvement. Mr.Long explained that the agreement contains a condition whereby if they are unable to get approval,they would be allowed to get out of the purchase agreement without any liability to the city. MOTION/SECOND: Stigney/Koopmeiners to Approve Resolution No.97-EDA-74C Approving a Purchase 111111Agreement with Meridian Properties Real Estate Development Limited Partnership for the sale of 2625 Highway 10. VOTE: 4 ayes 0 nays Motion Carried E. Removal of Resolution No.97-EDA-67 from Table. Ms.Bennett explained that this item was tabled at the August 25, 1997 EDA meeting to bring back a resolution on the Park Dedication Fee for consideration. MOTION/SECOND: Koopmeiners/Quick to removed Resolution No. 97-EDA-67 from the Table. VOTE: 4 ayes 0 nays Motion Carried F. Consideration of Resolution No.97-EDA-67,Approving and Authorizing a Development Assistance Agreement by and between the Mounds View Economic Development Authority and the Everest Group. Ms.Bennett noted that a resolution has been obtained in regard to the Park Dedication Fee for this development. The terms require that the Everest Group make a payment of$56,771 to the City of Mounds View for Park Dedication Fees prior to execution of the agreement. MOTION/SECOND: Koopmeiners/Quick to approve Resolution No.97-EDA-67,Approving and Authorizing a Development Assistance Agreement by and between the Mounds View Economic Development Authority and the Everest Group. . VOTE: 4 ayes 0 nays Motion Carried