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4. EDA BUSINESS <br /> 4.01: Aeon Purchase Agreement: Multiple Actions <br /> Economic Dev. Mgr/Assistant City Administrator Brama presented the staff report. <br /> Member Hardin asked and received confirmation that the parcels were being purchased under <br /> separate entities. Staff confirmed that was correct. <br /> Motion by Member Skaff, seconded by Member Hardin, to recommend to City Council to <br /> approve the second amendment to the original Purchase Agreement between the City and Aeon, <br /> and to approve the second Purchase Agreement with Aeon, for the second phase of their <br /> proposed development. <br /> Motion carried. Voting Yes: Chairperson Steffen, Members Skaff, Hardin, Burandt, and Riley. <br /> Voting No: None. Absent: Members Brunt and Williams. <br /> 4.02: Sharp and Associates Purchase Agreement <br /> Economic Dev. Mgr/Assistant City Administrator Brama presented the staff report. <br /> Chairperson Steffen asked if the geotechnical was discovered as part of the last offer on the <br /> property. <br /> Economic Dev. Mgr/Assistant City Administrator Brama explained that the issue was discovered <br /> during due diligence and was not part of the shovel ready process during the last offer. He <br /> confirmed that the soil test had an impact on the purchase price. <br /> Member Hardin asked if there have been estimates on the soil corrections. <br /> Dennis Sharp stated that there would need to be soil corrections and the site would need to be <br /> brought up to grade. He estimated $300,000 to $400,000, depending on what is needed. <br /> Chairperson Steffen asked and received confirmation that there is room for a second building on <br /> the site. <br /> Member Riley asked and received confirmation that Mr. Sharp is comfortable with the language <br /> staff suggested regarding the building letter of credit. <br /> Economic Dev. Mgr/Assistant City Administrator Brama clarified that the building language is <br /> tied to phase one, the first building, and there is nothing tied to the second building. He provided <br /> additional information on the process Mr. Sharp follows in developing sites in this manner. <br /> Member Hardin asked if this parcel has not been listed. <br /> Economic Development Authority/June 8, 2017 <br /> Page 2 of 9 <br />