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<br />Item No: 07A <br />Meeting Date: November 26, 2018 <br />Type of Business: EDA Business <br /> <br />City of Mounds View Staff Report <br />To: Economic Development Authority <br />From: Brian Beeman, Business Development Coordinator <br />Item Title/Subject: Resolution 18-EDA-315 A Resolution Approving an Amendment to <br />that Preliminary Development Agreement Entered into by and <br />between the Mounds View Economic Development Authority and INH <br />Property Management, Inc. <br /> <br />Background: <br /> <br />INH Property Management, Inc. entered into a preliminary development agreement with the EDA <br />dated January 8th, 2018. Due to the extended negotiation process and the EDA’s delayed decision <br />on a final product to be developed at the Crossroad Pointe site, INH Property Management, Inc. has <br />requested an extension to the current Preliminary Development Agreement to May 1, 2019. The City <br />Attorney will need a reasonable time to draft the necessary documents in order to finalize the <br />purchase agreement and development agreement. <br /> <br />Discussion: <br />In order for the development to proceed an extension to the initial Predevelopment Agreement is <br />necessary. <br /> <br />Recommendation: <br /> <br />Consider approval of Resolution 18-EDA-315 by motion. <br /> <br /> <br />Respectfully submitted, <br /> __________________________ <br />Brian Beeman <br /> <br />Attachments: <br />1) 18-EDA-315 A Resolution Approving and Amendment to that Preliminary Development <br />Agreement Entered Into By and Between the Mounds View Economic Development <br />Authority and INH Property Management, Inc. and Amendment #1 <br /> <br />