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4. EDA BUSINESS <br />4.01: Consider Purchase Agreement with PSD LLC <br />Economic Development Manager /Assistant City Administrator Brama presented the staff report. <br />Member Skaff asked if City Staff and the Planning Commission were happy with the site plan <br />and position of the garages. <br />Development Services Manager Gladhill stated there were some concerns but they have reserved <br />their recommendations until the architectural rendering is seen. <br />Chairperson Steffen asked what the cost of the road would be. <br />Economic Development Manager /Assistant City Administrator Brama stated the original <br />negotiation for the property yielded a higher per square foot price and the amount was deducted <br />from that. <br />Member LeTourneau thought there was a preferred price range per square foot that was inside <br />their guidelines and he wondered if the current price fell within that range. <br />Economic Development Manager /Assistant City Administrator Brama indicated it was well <br />within the range and would be considered to be in the mid to upper range. <br />Chairperson Steffen wondered if negotiations are done as far as staff is concerned. <br />Economic Development Manager /Assistant City Administrator Brama stated the only open item <br />is the earnest money. <br />Member LeTourneau stated they are done negotiating because they have a purchase agreement <br />but he did not think they were closed to negotiating if the Board sees something else that should <br />be reviewed and negotiated. <br />Chairperson Steffen indicated he did not see any additional items that needed to be negotiated. <br />Motion by Member Skaff, seconded by Member Brunt, to recommend to the City Council <br />approval of the purchase agreement with PSD, LLC for $13.97 acres of City owned land located <br />within The COR. <br />Further discussion: Member Hardin indicated he liked the fact they had the earnest money. <br />Motion carried. Voting Yes: Chairperson Steffen, Members Skaff, Brunt, Hardin, LeTourneau, <br />Riley, and Williams. Voting No: None. Absent: None. <br />Economic Development Authority /January 8, 2015 <br />Page 2 of 10 <br />