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MINUTES FOR THE EDA MEETING OF NOVEMBER 17, 2020 <br />Meeting held remotely pursuant Minn. Stat. Sec. 1313.021 <br />Chair Weidt called the meeting to order at 5:32 pm. <br />PRESENT: Denaway, Gallivan, Houle, Klein, Petty, and Weidt. <br />ABSENT: Puleo. <br />Note: Due to technological difficulties, Gallivan was able to view and hear the meeting, but was not <br />able to participate. <br />STAFF: Bryan Bear, City Administrator <br />Rachel Juba, Community Development Director <br />Emily Weber, Community Development Assistant <br />APPROVAL OF MINUTES FOR THE EDA MEETING OF SEPTEMBER 15. 2020 <br />Commissioner Klein made a motion, Commissioner Denaway seconded, to approve minutes for the <br />EDA meeting of September 15, 2020. <br />Ayes: Denaway, Houle, Klein, Petty, and Weidt. <br />Nay: None. Motion Carried. <br />UPDATE ON CITY PURCHASE AGREEMENT WITH DENNY TROOIEN <br />Staff provided a background on Denny Trooien's downtown proposal for the City owned property <br />along Egg Lake. At its September meeting, the EDA was presented with a concept for the property <br />and the EDA directed staff to continue to work with Trooien on terms for a purchase agreement. Staff <br />presented the purchase agreement terms, which included two phases. The first phase includes <br />establishing a closing date, going through the site plan approval process, and construction <br />substantially complete by December 31, 2022. Phase two includes a similar process with construction <br />substantially complete by December 31, 2024. The agreement also includes a reversionary clause. <br />Denny Trooien was present at the meeting to discuss the purchase agreement terms with the EDA. <br />Trooien asked the EDA to consider extending the timeline of the phases. The EDA discussed the <br />agreement and generally agreed that they would like to continue working with Trooien and <br />accommodate his requests. His requests includes extending the timeline of completion of phase two <br />to May 2026 with the option to extend to an additional year if $20,000 of earnest money is put forth. <br />Chair Weidt made a motion to recommend that the purchase agreement terms be extended to allow <br />construction of phase two to be complete by May 2026, seconded by Petty. <br />Aye: Denaway, Klein, Petty, and Weidt. <br />Abstained: Houle. Motion carried. <br />