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Economic Dev. Mgr/Assistant City Administrator Brama stated staff considers this case to be <br /> administrative. The City needs to make sure they have proper documentation/final form <br /> agreements, ready to go, to allow the City to close on the sale of this property. As a result of this <br /> proposed change of ownership, the Board needs to update the Purchase Agreement, Resolution <br /> for Anoka County Recorder's Office and Right-of-Re-Entry Agreement. <br /> Economic Dev. Mgr/Assistant City Administrator Brama stated the City entered into a purchase <br /> agreement for the sale of roughly three acres of city owned land to Lifestyle Construction on <br /> May 31, 2016, for what is commonly referred to as the "U-shaped" residential parcel located in <br /> The COR. This agreement was set to close by September 16, 2016, 10 days after the September <br /> 16th inspection period deadline. The PA was approved for an extension to close, via two <br /> amendments. The agreement is now set to close by March 16, 2017. <br /> Economic Dev. Mgr/Assistant City Administrator Brama presented the staff report. <br /> Mr. Bill Gleason, Lifestyle Construction, stated he originally looked at the property and was very <br /> excited about it. His position was always to be a part of this transaction to the finish. He stated <br /> Mr. Meuleners was a builder he worked with previously. He thought this would be a good <br /> benefit to the City. <br /> Mr. Mark Meuleners, Owner of the property, stated this is a tough project as far as the size and <br /> quite a bit of design work that needed to be done. He reviewed with the EDA what the homes <br /> will look like. <br /> Member Riley asked if the closing next week is ready to happen. <br /> Mr. Gleason stated it was. <br /> Chairperson Steffen asked what will happen after the closing. <br /> Mr. Meuleners stated they plan on building two houses to begin with. <br /> Motion by Member Burandt, seconded by Member Hardin, to recommend to City Council to: <br /> 1. Approve the attached Purchase Agreement Amendment #3; reassigning the agreement <br /> from Lifestyle Properties, Inc. to Morning Sun Homes, Inc. <br /> 2. Adopt the attached Resolution #17-03-050; Authorizing the Sale of City Owned Land to <br /> Morning Sun Homes, Inc. <br /> 3. Approve the attached"Right-of-Re-Entry" Agreement with Morning Sun Homes, Inc. <br /> Motion carried. Voting Yes: Chairperson Steffen, Members Burandt, Hardin, and Riley. Voting <br /> No: None. Absent: Brunt, Skaff, and Williams. <br /> Economic Development Authority/March 9,2017 <br /> Page 10 of 11 <br />