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Economic Development Manager /Assistant City Administrator Brama indicated it was. He <br />stated NIK is very interested in the site and entire project and want to have the second portion of <br />the second phase locked up and ready to go. <br />Chairperson Steffen did not think that five thousand earnest money seemed like a lot of money <br />for a deal that is going to close in sixteen months. He felt the amount was low and did not want <br />to see the City list the property again in sixteen months because NIK walked away from the deal. <br />Member Riley agreed and stated the second phase of the closing is at the City's convenience <br />because they can't sell it now. NIK is not asking the City to hold the property for them, the City <br />is asking not to have to sell the property at this time which puts a twist on it. He did feel five <br />thousand was not a lot of money to hold a parcel of land for. He asked staff was the earnest <br />amount would be if the new policy was in place. <br />Economic Development Manager /Assistant City Administrator Brama asked the Board for a <br />minute while he calculated the amount. <br />Chairperson Steffen asked if there was going to be an access on Alternative A on the North <br />/South Street on the right side of the plans. <br />Development Services Manager Gladhill reviewed the site plan with the Board. <br />Economic Development Manager /Assistant City Administrator Brama stated based off the new <br />policy, they would be at a little over $17,000 in earnest money. They could increase the money <br />in Phase Two and have some earnest money in Phase Two go hard after a certain date. <br />Member Williams asked if there is a concern that the City would not want to move forward with <br />Phase Two. She wondered if part of this is to protect the City's interest as well. <br />Economic Development Manager /Assistant City Administrator Brama stated in working with the <br />City Attorney, they did revise the PA to give the City strength or positioning in case they did not <br />want to be liable or exposed to damages from the buyer before they move forward with the <br />second phase. They also include a provision regarding moving forward with Fire Station Two. <br />Member Williams asked what is the timeline for determining if the fire station will move <br />forward. <br />Economic Development Manager /Assistant City Administrator Brama stated Fire Station Two <br />will be reviewed by the City Council on Tuesday, January 13, 2015 and a contract could be <br />awarded to a general contractor in March. <br />Member Williams asked if that changed the Planning Commissions review of Parcel A on the <br />proposed design of those lots. If there is a possibility of not moving forward with the second <br />phase of the acquisition, would there end up being two cul -de -sacs. <br />Economic Development Authority /January 8, 2015 <br />Page 4 of 10 <br />