Laserfiche WebLink
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. 1 <br />He explained the City Attorney had reviewed the Purchase Option Agreement. Staff provided 2 <br />the EDA with the most recent document. 3 <br /> 4 <br />City Attorney Riggs reviewed the Purchase Option Agreement in further detail with the EDA and 5 <br />explained the agreement would allow the City to have site control. He summarized the changes 6 <br />that were made to the agreement and recommended approval. 7 <br /> 8 <br />Council Member Mueller questioned what would happen if the purchaser did not agree to the 9 <br />new dates. City Attorney Riggs described how the Purchase Option Agreement would work 10 <br />between the City, County and developer in order to allow for the project to move forward. 11 <br /> 12 <br />Council Member Mueller asked if the developer could buy the property and not move forward 13 <br />with the project. City Attorney Riggs stated this was a possibility, which was the reason the 14 <br />Purchase Option Agreement was being put in place with a specific project timeline. 15 <br /> 16 <br />Further discussion ensued regarding the terms within the Purchase Option Agreement. 17 <br /> 18 <br />MOTION/SECOND: Gunn/Meehlhause. To Waive the Reading and Adopt Resolution 17-19 <br />EDA-300, MWF Properties Purchase Option Agreement of Tax Forfeited Parcels as revised. 20 <br /> 21 <br />President Mueller understood this agreement was one step in many steps that will have to occur 22 <br />in order for this development to be completed. 23 <br /> 24 <br />Chris Stokka, MWF Properties, asked if the July dates could be amended. City Attorney Riggs 25 <br />commented this date did have latitude. 26 <br /> 27 <br />President Mueller questioned when MWF Properties would learn if they had received housing 28 <br />credits from the State. Mr. Stokka reported he would learn more about this in October or 29 <br />November. 30 <br /> 31 <br />President Mueller inquired when the traffic study would be completed. Mr. Stokka indicated the 32 <br />traffic study would be completed the first week of June. 33 <br /> 34 <br /> Ayes – 4 Nays – 0 Motion carried. 35 <br /> 36 <br />8. REPORTS 37 <br /> 38 <br />None. 39 <br /> 40 <br />9. NEXT EDA MEETING: Monday, June 12, 2017 41 <br /> 42