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Economic Development Authority(EDA) 4.3. <br /> Meeting Date: 06/02/2016 <br /> Submitted For: Patrick Brama,Administrative Services <br /> By: Patrick Brama,Administrative Services <br /> Title: <br /> Future Business Park(Right of First Refusal Agreement to Purchase Real Estate) <br /> Purpose/Background: <br /> PURPOSE <br /> Consider approving the attached agreement(Right of First Refusal Agreement) for land owned by Pearson <br /> Properties located in the city's future business park. <br /> BACKGROUND <br /> The EDA and City Council reviewed a case RE the city's future business park in May(please see attached <br /> alternatives for a summary,please see case memo, and case minutes, for details). <br /> Below is a summary of direction received: <br /> ---If the Pearson property is removed from the business park,the City will reconsider participation in funding <br /> arterial infrastructure improvements to serve the Pearson property. <br /> ---Alternative 42: help market and facilitate a sale of the Pearson property to a private developer/investor. If <br /> that avenue is exhausted(try for 6 months),the City would be willing to consider potentially purchasing. <br /> ---Alternative 43: continue to work with(and monitor)Hageman Holdings on the development of their school <br /> site. This option may result in surplus land, available to be converted for a business park. <br /> Notification: <br /> NA <br /> Observations/Alternatives: <br /> NA <br /> Funding Source: <br /> NA <br /> Recommendation: <br /> The attached agreement does not obligate the city to purchasing the Pearson Property. The attached agreement does <br /> not cost the city anything. The attached agreement provides the city an opportunity to purchase the Pearson <br /> Property. <br /> Why is this important? <br /> Based on direction received by the EDA/Council in May,this case would possibly not come back to the City until <br /> November/December 2016. In the meantime,Pearson Properties could sell their land to a different party. Said party <br /> may have a vision to pursue development based on the current zoning(i.e. residential and retail). This agreement <br /> allows the city, if they so desire,to consider avoiding said situation(via a potential purchase). <br />