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Motion carried. Voting Yes: Chairperson Steffen, Members Riley, Hardin, Burandt, Skaff, and <br />Williams. Voting No: None. Absent: Member Brunt. <br />4. EDA BUSINESS <br />4.01: Future Business Park Update (Portions may be closed to the public) <br />Economic Dev. Mgr/Assistant City Administrator Brama presented the staff report. <br />Mr. John Dobbs indicated Mr. Brama presented the case well. <br />Mr. Pearson stated he would like to work with the City in exploring different options. <br />Chairperson Steffen asked if Mr. Pearson was in favor of a commercial use for the property. <br />Mr. Pearson stated they would be in favor of any sale that would work for everyone involved. <br />Mr. Dobbs stated they want this to be a win -win situation for both parties. <br />Economic Dev. Mgr/Assistant City Administrator Brama reviewed with the Board the five <br />different options available for the business park land. <br />Member Riley stated the letter from Mr. Pearson indicates they would like to go ahead with <br />residential and requests the City to stop pursuing the business park on the property and he <br />wondered if that is what they wanted because it is not what he heard them just state. <br />Mr. Pearson stated this is not what he wants but he has to sell some land and cannot wait for five <br />to ten years and he knew the housing market was hot right now and has been told to sell for <br />housing; however, this is not what he wants. <br />Mr. Dobbs stated there is underlying high density but their preference would be to move the <br />business park over to Hageman. Those are things they would like to explore and thought it <br />would be a win/win situation. He stated he wrote the letter and discussed it with the family but <br />would like to work with the City on what is best for everyone. He indicated he would like to <br />explore all options for the Pearson family. <br />Member Riley thought, based on the letter, the family felt the property was worth more as <br />residential without the City as a partner then as a business park with the City as a partner. <br />Mr. Dobbs stated it is a timing issue and what is selling right now is higher density, residential. <br />Chairperson Steffen asked if there has been any interest from residential developers yet. <br />Mr. Dobbs stated this is something he has done for a long time and there is always interest but it <br />is a matter of time and value. He noted he wants to make the property as marketable as possible. <br />Economic Development Authority/May 5, 2016 <br />Page 2 of 9 <br />