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MINUTES FOR THE EDA MEETING OF JUNE 14, 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 MAY 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 TEAM <br />