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U1\1131 41 " " <br /> r <br /> . LEDA Meeting#44 <br /> • October 13, 1997 <br /> Page 3 <br /> 1 consecutive periods of 90 days each with the deposit of$5,000 for each extension of which the second 90 day <br /> 2 deposit of$5,000 is non-refundable. The agreement adds a provision that if the buyer terminates the <br /> 3 agreement by reason of any of the contingencies,the EDA would be eligible to collect out-of-pocket expenses <br /> 4 for the transaction relating to the sale. A public hearing on the sale of this land will be held sometime within <br /> 5 the 180 day review period. An attorney with Kennedy and Graven has reviewed the agreement and found it <br /> 6 acceptable. Ms.Bennett noted that the agreement contains language which would prohibit certain types of <br /> 7 adult oriented businesses. <br /> 8 <br /> 9 Mayor McCarty noted that the city cannot guarantee that they will have the necessary zoning changes, <br /> 10 comprehensive plan changes,etc.in place one year from now and he wondered what the ramifications would <br /> 11 be. <br /> 12 <br /> 13 Mr.Cunningham of Told Development stated he feels the proposed development will fit well in the community <br /> 14 and does not feel the use will be controversial. He noted that they will be arranging a neighborhood meeting <br /> 15 on October 22, 1997 to obtain neighborhood involvement. <br /> 16 <br /> 17 Mr.Long explained that the agreement contains a condition whereby if they are unable to get approval,they <br /> 18 would be allowed to get out of the purchase agreement without any liability to the city. <br /> 19 <br /> 20 MOTION/SECOND: Stigney/Koopmeiners to Approve Resolution No.97-EDA-74C Approving a Purchase <br /> 21 Agreement with Meridian Properties Real Estate Development Limited Partnership for the sale of 2625 <br /> 22 ' Highway 10. <br /> 23 <br /> 24 VOTE: 4 ayes 0 nays Motion Carried <br /> 25 <br /> 26 E. Removal of Resolution No.97-EDA-67 from Table. <br /> 27 <br /> 28 Ms.Bennett explained that this item was tabled at the August 25, 1997 EDA meeting to bring back a <br /> 29 resolution on the Park Dedication Fee for consideration. <br /> 30 <br /> 31 MOTION/SECOND: Koopmeiners/Quick to removed Resolution No.97-EDA-67 from the Table. <br /> 32 <br /> 33 VOTE: 4 ayes 0 nays Motion Carried <br /> 34 <br /> 35 F. Consideration of Resolution No.97-EDA-67,Approving and Authorizing a Development Assistance <br /> 36 Agreement by and between the Mounds View Economic Development Authority and the Everest <br /> 37 Group. <br /> 38 <br /> 39 Ms.Bennett noted that a resolution has been obtained in regard to the Park Dedication Fee for this <br /> 40 development. The terms require that the Everest Group make a payment of$56,771 to the City of Mounds <br /> 41 View for Park Dedication Fees prior to execution of the agreement. <br /> 42 <br /> 43 MOTION/SECOND: Koopmeiners/Quick to approve Resolution No.97-EDA-67,Approving and <br /> 44 Authorizing a Development Assistance Agreement by and between the Mounds View Economic Development <br /> 45 Authority and the Everest Group. <br /> 46 <br /> 47 VOTE: 4 ayes 0 nays Motion Carried <br /> 48 <br />