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MINUTES FOR THE EDA MEETING OF JUNE 1-t, 2010 <br /> EDA President Fran Miron called the meeting to order at 8:30 am. <br /> PRESENT: Jan Arcand, Tom Denaway, Phil Klein, and Fran Miron <br /> ABSENT: Jim Bever, Mike Granger, and Brian Thistle <br /> CITY STAFF PRESENT: City Administrator, Mike Ericson, Community Development <br /> Director, Bryan Bear, and Planner, Rachel Simone. <br /> APPROVAL OF MINUTES FOR THE EDA MEETING OF VIAY 10, 2010 <br /> Klein made motion, Denaway seconded, to approve the minutes for the EDA meeting of May 10, <br /> 2010. <br /> All ayes. Motion carried. <br /> DISCUSSION ON PURCHASE AGREEMENT FOR THE CITY OWNED <br /> PROPERTIES IN DOWNTOWN <br /> Over the past couple month's staff has been working with Mark Finnemann, Richard Fischer, <br /> and Mike Brass on a purchase agreement for the City Owned property in the downtown. Staff <br /> made a presentation on the purchase agreement details. <br /> The purchase agreement is for 12 months contingent on a development agreement with the <br /> City and the developer. The purchase price is $770,200.00 and can be reduced for <br /> exceptional site plan, quality architecture, and use of the property at the discretion of the City <br /> Council. Alternatively the developer can ask for approval of Tax Increment Financing for the <br /> project. <br /> Miron asked if the development team could ask for extensions on the agreement and if the <br /> development team was alright with the agreement. The CD Director stated that they could <br /> ask for extensions from the City Council and that the development team generally likes the <br /> agreement and are ready to sign. <br /> Denaway and Arcand stated that they liked the purchase agreement and we still have a <br /> chance to maintain control as the City reviews the plans and enters into a development <br /> agreement. <br /> Miron talked about the holding costs for the property. <br /> Staff recommended that the EDA make a recommendation to the City Council to approve the <br /> purchase agreement with the development team. <br /> Denaway made a motion, seconded by Arcand, to make a recommendation to the City <br /> Council to approve the purchase agreement. <br /> All aye. Motion Carried. <br /> UPDATE ON BR&E PROGRAM DOWNTOWN PROJECT 'CEANI <br />