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Member Hardin asked if the new investor was connected with NIK Management. <br />Economic Development Manager/Assistant City Administrator Brama replied that there were <br />connections and that NIK Management is still managing the project to close. <br />Economic Development Manager/Assistant City Administrator Brama stated that the 24 Restore <br />purchase agreement was never executed. Staff attempted to connect with 24 Restore and get the <br />purchase agreement executed but has not received a reply. It is staff's understanding that they <br />are looking at other properties so staff has given them notice that the purchase agreement is now <br />void and no longer in play. 24 Restore would need to submit a new purchase agreement to the <br />City for the property. Staff did extend an offer to help them secure a new site. <br />City Administrator Ulrich reported that the City Council has authorized legislation for the <br />railroad separations at Ramsey Boulevard and Sunfish Lake Boulevard for 10 million dollars; <br />approved a tower exemption to the ordinance to allow Connexus to build a communications <br />tower on their property up to 99 feet; and authorized requests for quotes for permitting, licensing <br />and code enforcement software which is part of the strategic plan to improve the City's process. <br />Vice Chairperson Skaff asked about the timetable for the closure of Armstrong and the <br />interchange construction. <br />Economic Development Manager/Assistant City Administrator Brama stated that substantial <br />completion will be October, 2015 and that there is an incentive to encourage early substantial <br />completion. The final completion is scheduled for summer, 2016. <br />City Administrator Ulrich stated that construction will start around May 5, 2015. <br />6. ADJOURNMENT <br />Motion by Member Hardin, seconded by Member Williams, to adjourn the meeting. <br />Motion carried. Voting Yes: Vice Chairperson Skaff, Members Hardin, Williams, and Riley. <br />Voting No: None. Absent: Members Brunt, Burandt and Steffen. <br />The regular meeting of the Economic Development Authority adjourned at 8:25 a.m. <br />Respectfully submitted, <br />Kurtis G. Ulrich <br />City Administrator <br />ATTEST: <br />Economic Development Authority/April 2, 2015 <br />Page 8 of 9 <br />