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4. EDA BUSINESS <br />4.01: Purmort Purchase Agreement for OUTLOT F of Ramsey Town Center 8' Addition <br />City Administrator Ulrich presented the staff report. <br />Vice Chairperson Skaff asked for a parameter of the price of housing that will be built. <br />Mr. Rogers anticipated the lots to be a little higher priced than the ones currently being built <br />there. He figured the homes will be like their two story design. He estimated the price point to <br />start at $250,000 and go higher to around $300,000. <br />Member Riley asked if Mr. Rogers and the developers were aware of the issues of the parcel that <br />is reflected in the offer price. <br />Mr. Rogers stated they do and are trying to calculate the issues with soil borings and water <br />management practices. <br />Member Hardin confirmed all of the costs would be paid for by the developer including the <br />completion of the storm water connection. <br />City Administrator Ulrich stated it is not and would be done as a City cost, which is <br />approximately $150,000 and will connect the regional storm water for all of the properties <br />upstream of this one as well. <br />Community Development Director Gladhill stated in terms of the regional storm water <br />infrastructure, all developments including this development will pay a storm water management <br />fee. That will be the funding source for the regional storm water improvement, though it will not <br />pay for all of it. <br />Member Hardin asked about the layout of the lots along 148' and Zeolite. <br />Mr. Rogers stated there will be four lots off Zeolite and nine lots off 148'. <br />City Administrator Ulrich reviewed some of the expenses associated with purchasing the <br />property. <br />Member Williams asked what the status was of the compensation to CBRE. <br />City Administrator Ulrich indicated that was waived and would collect the fee when the adjacent <br />parcel is sold. <br />Member Williams stated they still have the U shaped parcel and wondered if there were other <br />projects similar to this where if they were to agree to the price now, would this be precedent <br />Economic Development Authority/April 7, 2016 <br />Page 2 of 4 <br />