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Staff has investigated the cost of the site. The site is currently bank owned with an asking price of <br />$995,000 for 2.96 acres. This translates into a site cost of $7.72 per. square foot. Additional information <br />regarding the site has been attached. The maximum project size at this location is currently under study. <br />GMI has initially proposed a project size of approximately 10,000 square feet. Public financial <br />participation in this project may require that a larger facility be built in order to generate tax increment <br />revenue of any significance. Further study is needed to make this determination. <br />EDA Action: <br />No action is required by the EDA at this point in time. However, staff would like the EDA to reach a <br />'consensus regarding whether this project should be further investigated for potential public participation <br />and whether this is a desired location for this type of project. <br />Staffwill be providing additional information on this project for your consideration and discussion at the <br />EDA meeting. <br />EDA: 07/08/10 <br />