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Mounds View EDA May 22, 2017 <br />Regular Meeting Page 2 <br /> <br />credits through the Minnesota Housing Agency. He noted two of the parcels were tax forfeited. <br />He explained the City Attorney had reviewed the Purchase Option Agreement. Staff provided <br />the EDA with the most recent document. <br /> <br />City Attorney Riggs reviewed the Purchase Option Agreement in further detail with the EDA and <br />explained the agreement would allow the City to have site control. He summarized the changes <br />that were made to the agreement and recommended approval. <br /> <br />President Mueller questioned what would happen if the purchaser did not agree to the new dates. <br /> City Attorney Riggs described how the Purchase Option Agreement would work between the <br />City, County and developer in order to allow for the project to move forward. <br /> <br />President Mueller asked if the developer could buy the property and not move forward with the <br />project. City Attorney Riggs stated this was a possibility, which was the reason the Purchase <br />Option Agreement was being put in place with a specific project timeline. <br /> <br />Further discussion ensued regarding the terms within the Purchase Option Agreement. <br /> <br />MOTION/SECOND: Gunn/Meehlhause. To Waive the Reading and Adopt Resolution 17- <br />EDA-300, MWF Properties Purchase Option Agreement of Tax Forfeited Parcels as revised. <br /> <br />President Mueller understood this agreement was one step in many steps that will have to occur <br />in order for this development to be completed. <br /> <br />Chris Stokka, MWF Properties, asked if the July dates could be amended. City Attorney Riggs <br />commented this date did have latitude. <br /> <br />President Mueller questioned when MWF Properties would learn if they had received housing <br />credits from the State. Mr. Stokka reported he would learn more about this in October or <br />November. <br /> <br />President Mueller inquired when the traffic study would be completed. Mr. Stokka indicated the <br />traffic study would be completed the first week of June. <br /> <br /> Ayes – 4 Nays – 0 Motion carried. <br /> <br />8. REPORTS <br /> <br />None. <br /> <br />9. NEXT EDA MEETING: Monday, June 12, 2017 <br />