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4.03: Future Business Park <br /> Economic Dev. Mgr/Assistant City Administrator Brama presented the staff report. <br /> Acting Chairperson Skaff left the meeting at 8:30 a.m. <br /> Member Riley chaired the remainder of the meeting. <br /> Member Hardin stated under alternatives he did not see any alternative to sit down with Capstone <br /> to discuss a partnership with them. <br /> Economic Dev. Mgr/Assistant City Administrator Brama stated they did have a conversation with <br /> Capstone Homes about that opportunity and their desire is to use the entire property for residential, <br /> that is what they want. They understand that a partnership is likely needed if they are going to get <br /> City help and because of that they are willing to work with the City on some level. <br /> Member Brunt asked if it was the intent to do residential throughout the entire 48-acre site and <br /> when do they propose to do that. <br /> Economic Dev. Mgr/Assistant City Administrator Brama stated that was correct. He showed the <br /> layout to the Board. He stated the intent of Capstone Homes is to purchase the entire Pearson <br /> Property parcel, 88 total acres, and they want the entire parcel to be residential. They have <br /> indicated on the south side of their site, near the railroad tracks, they would be willing to let that <br /> go for a business park(15-20 acres). They do not desire to do that, but are willing to do that. <br /> Acting Chairperson Riley stated Capstone has been one of the good builders in the City. He is <br /> glad to see there is still continued interest. He stated the City has a different idea for that use there <br /> but does not mean they would not allow residential there but they have a different plan. He stated <br /> he was concerned that Capstone is still counting on the same tentative agreement that the City had <br /> of cost share, with the idea of bringing in a business park and he understands that the City would <br /> not do that same cost share to bring in residential. He stated there is a huge difference in what <br /> they would allow and what they would subsidize and in this case the City was very interested in <br /> bringing in a business park. He did not think the City would have the same appetite for bringing <br /> in more residential and he was concerned that Capstone is counting on that and he thought staff <br /> should make sure that Capstone understands that they would have to start over the negotiation <br /> process with the City and not count on what the City already committed to in the business park. <br /> Member Hardin felt that was a good reason to sit down with Capstone to discuss this further and <br /> make sure there is no misunderstandings. <br /> 4.04: Begin Discussion RE Strategy for Marketing and Selling City Owned Land <br /> Economic Dev. Mgr/Assistant City Administrator Brama presented the staff report. <br /> There were no comments by the EDA members. <br /> Economic Development Authority/October 6, 2016 <br /> Page 3 of 4 <br />