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Page 2 of 2 <br /> <br />6. During the June 6, 2018 City Council Work Session, the Council considered two options by INH; <br />(1) 135-unit apartment building; or (2) 63-unit apartment building and Kwik Trip gas/convenience <br />store. INH’s presentation included a suggested land purchase price of $225,000 for Option 1, or <br />$750,000 for Option 2, and that no Tax Increment Financing (TIF) would be requested. <br /> <br />The Council directed Staff and the developer to conduct a Neighborhood meeting, prior the <br />Council consenting to Option 1 or Option 2. A Neighborhood meeting was held on June 27, 2018. <br /> <br />7. The City Council considered Option 1 and Option 2 at its July 2, 2018 Work Session, deciding <br />that further discussion of the land sale price would occur at an EDA closed session on July 9, <br />2018. <br /> <br /> <br />EDA Action Requested: <br />Staff requests that the EDA determine: (1) an acceptable land sale price range, and (2) the absolute lowest <br />land sale price. <br /> <br />If the EDA is not comfortable at this time, Staff recommends that an appraisal be completed for Option 1, <br />Option 2, and the highest & best use. Appraisals should be conducted by two independent appraisers, at a <br />total cost of $5,000 - $10,000. This would take 3-4 weeks. <br /> <br />Any EDA/Council decision to direct INH to pursue Option 1 (all apartments) or Option 2 (apartments & <br />Kwik Trip) must occur during an open meeting. <br /> <br /> <br />ATACHMENTS <br />Crossroads Pointe Costs