Agenda - Economic Development Authority - 12/08/2016

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Future Alternative#5: Wait out Platinum Properties PA Continue to work with Platinum Properties to close on a purchase agreement for a 123,000 square foot spec industrial project located on 9.3 acres of City owned land,just south of Vision Ease Lens. If said purchase agreement does not close,this land will remain available. Thus,pressure on an immediate solution for a new business park would be temporary relieved. Future Alternative#6: Reconsider Big Picture Land Use Plan Depending on what happens over the next six months(i.e. does the Pearson property sale close, can we get the Hageman Holdings School site rezoned for business park,etc.),the City may want to take a step back and reconsider the big-picture land use plan for the several hundred acres of land available for development, located west of the new Armstrong Interchange, on both the north and south side of U.S. Highway 10. Perhaps,the City should consider moving the business park to the south side of U.S. Highway 10. Funding Source: NA Recommendation: EDA discussed this case on 11/03/2016. Minutes are not available yet. By consensus, the EDA agreed with staffs recommendation to NOT move forward with purchasing the Pearson Property at this time--and to further investigate the additional alternatives outlined in this case. Action: Motion to: Direct staff to begin the process of purchasing the Pearson Property. --or-- Notify Pearson Properties the City does not intend to act on the attached Right of First Refusal Agreement, and that the City is not interested in purchasing the Pearson Property at this time, and to direct staff to bring this case back in the future to discuss additional alternatives. Attachments Ref Maps Right of First Refusal to Purchase Real Estate Agreement Economic Development Analysis Infrastructure Analysis Form Review Inbox Reviewed By Date Kurt Ulrich Kurt Ulrich 11/03/2016 04:36 PM Form Started By:Patrick Brama Started On: 11/02/2016 07:48 AM Final Approval Date:11/03/2016