Laserfiche WebLink
Economic Development Manager /Assistant City Administrator Brama confirmed that the survey <br />cost was not included in that figure and noted the survey cost could range from $2,000 to $3,000. <br />He confirmed that title work, the survey cost and closing costs were not included in the proceeds <br />and believed the net proceed figure would be closer to $70,000. <br />Member Riley commented that this is a great case and would love to see more of these in the <br />future. <br />Member Williams referenced the language used regarding environmental testing and expressed <br />concern with the language used. She believed that perimeters should be placed on the type of <br />testing that could be completed. <br />Economic Development Manager /Assistant City Administrator Brama agreed that additional <br />language could be placed into the document that would address that concern. He also confirmed <br />that staff would work with CBRE to draft a standard purchase agreement that could be used by <br />the City moving forward. <br />Motion by Chairperson Steffen, seconded by Member Skaff, to recommend to the City Council <br />approval of the purchase agreement with WESTCO Properties LLC for .95 acres of City owned <br />land located at 6590 141S Avenue NW, contingent upon final review and amendments from the <br />City Attorney. <br />Further discussion: Member Williams referenced the timeline and proposed closing date and <br />questioned if that timeline would be sufficient. <br />Economic Development Manager /Assistant City Administrator Brama confirmed there would be <br />sufficient time. He noted that if the closing date were to be pushed back the earnest money <br />would become hard. <br />Motion carried. Voting Yes: Chairperson Steffen, Members Skaff, Hardin, Riley, Skaff, and <br />Williams. Voting No: None. Absent: Member Brunt. <br />Economic Development Manager /Assistant City Administrator Brama indicated he will review <br />the next steps for this process with the City Attorney as well as develop a boiler plate purchase <br />agreement. <br />5. MEMBER / STAFF INPUT <br />The EDA reviewed the Staff Update. <br />5.01: Updates <br />Economic Development Manager /Assistant City Administrator Brama provided an update <br />regarding the residential property adjacent to City Hall, referencing City loans that were <br />provided. He stated that F & C is in the process of refinancing their property and will then pay <br />back the large loan to the City of $7,000,000 and the small loan of $1,500,000. He stated that <br />Economic Development Authority/February 5, 2015 <br />Page 5 of 7 <br />