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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. Purchase Pearson Property <br />2. Don't Purchase Pearson Property <br />Future Alternatives consist of: <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 />