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Item No. Staff Report No.EDA-97- Meeting Date 11-10-97 Type of Business EDAB WK:Work Session;PH:Public Hearing; CA:Consent Agenda;EDAB:EDA Business Mounds View Economic Development Authority Staff Report To: Mounds View Economic Development Authority From: Cathy Bennett, Director of Economic Development Item Title/Subject: Consideration of Resolution No. 97-EDA75 Approving and Authorizing the Execution of a Participation Agreement for 8265 Spring Lake Road Date of Report: November 6, 1997 Summary: Attached is resolution no. 97-EDA76 (Attachment 1) and a copy of the Participation Agreement (Attachment 2) to enter into negotiations for the sale of 8265 Spring Lake Road with Preferred Builders. In October, the EDA delayed action on the resolution to enable other builders to submit offers on ithe land without the criteria requiring that the builder identify a buyer at the time of the transaction. I have since mailed out information with regards to this change to approximately 15 local builders and have not received any additional offers to purchase the land. Preferred Builders, Inc. has offered $28,000 for the land and 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 after construction. Upon approval of the participation agreement, the EDA and Preferred Builders will have 30 days to enter into a Contract for Private Development(Attachment 3)which will specifically address the requirements for the development of the lot and outline the specifications of the home. In addition, prior to approval of the Contract staff will verify builder references and financial capabilities of Preferred Builders, Inc. The contract will come back to the EDA for final approval prior to execution. 60/112.u.4til:/__ Cathy Be ett, Dir. of Economic Development Recommendation: • Staff is recommending approval of the Participation Agreement which would authorize the negotiation for the purchase of 8265 Spring Lake Road by Preferred Builders.