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4. EDA BUSINESS <br /> 4.01: Future Business Park: Right of First Refusal <br /> Economic Dev. Mgr/Assistant City Administrator Brama stated the Board is asked to consider <br /> acting on the "Right of First Refusal to Purchase Real Estate". The agreement states the City has <br /> the ability to purchase roughly 48 acres of land owned by Pearson Properties, by November 16, <br /> 2016, for$1 more than offered by a third party(Capstone Homes offer: $1,465,500, $30,000 per <br /> acre, October 1, 2016). <br /> Economic Dev. Mgr/Assistant City Administrator Brama presented the staff report. He reviewed <br /> different alternatives to purchasing the property as stated in the"Right of First Refusal". <br /> Member Williams arrived at 7:37 a.m. <br /> Alternatives consist of- <br /> 1. <br /> £1. Purchase Pearson Property <br /> 2. Don't Purchase Pearson Property <br /> Future Alternatives consist o£ <br /> 1. Rezone Pearson Property <br /> 2. Wait out Capstone PA <br /> 3. Hageman Holdings School Site for Business Park <br /> 4. Add Connexus Energy Site to Industrial Land Inventory <br /> 5. Wait out Platinum Property PA <br /> 6. Reconsider Big Picture Land Use Plan. <br /> Member Skaff indicated he was not interested in purchasing the land at that price and it may <br /> come back on the market and he supported the alternatives. <br /> Chairperson Steffen agreed and wondered how the discussion with Capstone was going. <br /> Economic Dev. Mgr/Assistant City Administrator Brama stated Capstone has received the City <br /> communications and have reserved their response for a later date. They want to see what <br /> happens with the right of first refusal before moving forward. <br /> Member Skaff asked what the zoning of the land is at this point. <br /> Community Development Director Gladhill stated there is a variety of zoning on this site from <br /> medium residential to high density to commercial. They are looking for something different to <br /> do than what is currently there but the roads would be a big discussion because they could not <br /> deviate from the design standards. <br /> Chairperson Steffen wondered why Hageman is open to rezoning on the school site. <br /> Economic Development Authority/November 3, 2016 <br /> Page 2 of 5 <br />