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Item No. 7D <br /> Staff Report No. EDA-97-89C <br /> • Meeting Date 10-13-97 <br /> Type of Business EDAB <br /> WK: Work Session;PH:Public Hearing; <br /> CAMounds View Economic DevelopmentenAuthor.ida;EDAB:EDA usiness <br /> Staff Report Authority <br /> To: <br /> From: Mounds View Economic Development Authority <br /> Cathy Bennett, Director of Economic Development <br /> Item Title/Subject: Consideration of Resolution No. 97-EDA74 Approving a Purchase <br /> Agreement with Meridian Properties Real Estate Development <br /> Limited Partnership for the sale of 2625 Highway 10. <br /> Date of Report: October 10, 1997 <br /> At a special work session on August 18, 1997 the City was presented with the preliminary <br /> discussion regarding a commercial development that included EDA owned land at 2625 <br /> Highway 10. With a favorable response, Told Development has proceeded to draft preliminary <br /> site plans and has negotiated purchase agreements for several homes on Eastwood. In addition, <br /> Told Development presented staff and the EDA with a draft purchase agreement at the work <br /> 0 session on October 2, 1997 <br /> Attached is a revised purchase agreement which has been reviewed by the EDA Real Estate <br /> Attorney at Kennedy& Graven. Told Development is proposing to purchase the property for <br /> $125,000 with$10,000 earnest money as a deposit. <br /> The agreement contains a review date of 180 days to enable Told Development to go through <br /> the City process for zoning change, revision to the comprehensive plan, vacation of public street, <br /> major subdivision and development review. In addition, Told will have the option to extend the <br /> review date for two consecutive periods of 90 days each with the deposit of$5,000 for each <br /> extension of which the second 90 day deposit of$5,000 is non refundable. In addition, the <br /> agreement adds a provision that if the buyer terminates the agreement by reason of any of the <br /> contingencies then the EDA would be eligible to collect out-of-pocket expenses for the <br /> transaction relating to the sale. <br /> The agreement notes that the EDA would be required to hold a public hearing on the sale <br /> land which can be scheduled within the 180 day review period. of the <br /> Attached is Resolution No. 97-EDA72 which would approve and authorize the execution of the <br /> Purchase Agreement with Meridean Properties Real Estate Development(DBA Told <br /> Development) for the sale of 2625 Highway 10. <br /> 0 <br />