Agenda - Economic Development Authority - 10/06/2016

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Alternatives Listed below are alternatives for the Council to consider moving forward. Regardless of what alternative is selected, staff will recommend, at a minimum, the 45-acres of Hageman Holdings land contemplated through this process for a business park be rezoned and prepared for marketing/sale. 1. Attempt to force Pearson Properties to rezone their parcel for a business park. 2. City purchase the Pearson Property and rezone for a business park(purchase by 11/16). 3. City work with Hageman Holdings to find a creative solution on the former Legacy site. 4. Don't do anything, see what happens over the next year. Come back to this situation when needed. All of the potential actions below would have an effect on how the city moves forward. • Perhaps the Pearson property doesn't sell, and it is eventually liquidated. • Perhaps a private sector industrial developer does come forward and wants to purchase the Pearson property. • Perhaps PACT Charter does get a deal done in the next 12 months. • Perhaps Pearson sells their property to a residential contractor, and a major residential development comes forward. • Perhaps the real estate market booms or busts. • Perhaps the Connexus site becomes available. NOTE:the City doesn't need to make a decision today—between the existing stock of industrial land, and the Hageman Holdings 45-acres, we are in a very reasonable position to respond to "most*" prospects for the next 2-7 years. If we could get the Connexus Energy 17-acre parcel on-board, that would be very helpful. *We would not be in a position to respond to very large prospects(i.e. 25+acre sites), and we would not be in a position to respond strongly to prospects that cannot be located near the rail line (we have limited options with great setback from rail). This isn't a major risk/issue—however, staff believes it should be identified. Page 6 of 6