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that would be good to know prior to the Council review. He noted that another option would be <br />to reduce the payment to CBRE. City Administrator Ulrich stated that it would be helpful to <br />have input as to whether the EDA is opposed to the full commission or whether a lower <br />commission would be allowed. Member Hardin suggested amending the purchase agreement to <br />remove the commission for CBRE. Members Skaff and Burandt agreed that the commission <br />should not be paid. Member Hardin suggested amending the language in the purchase agreement <br />to remove paragraph 16. <br />Motion by Chairperson Steffen, seconded by Member Hardin, to amend the on to <br />recommend to City Council to approve the purchase agreement between the City of d <br />Sharp & Associates LLC for 9.33 acres of City owned land, removing paragraph <br />Further discussion: Member Williams stated that this deal has a strekturiKlif than the <br />original purchase agreement. She was concerned that it would be n 4e difficult to obtain funds <br />after the fact rather than refunding the funds. Economic Dev. Mgr/A sistant City Administrator <br />Brama provided additional details on the structures of the purchase aeements. Member Hardin <br />noted that these are two different deals and that is why the struc r is different. Economic Dev. <br />Mgr/Assistant City Administrator Brama provided additional in •rm.''on on the letter of credit. <br />Community Development Director Gladhill stated th, t le - • it are used frequently and <br />you can draw on them without approval from the de e • . e d agree that there is some risk, <br />compared to having straight cash. He noted t t eve •ro ct that goes before the Planning <br />Commission has a letter of credit. He noted tha the m s-2000's there were several times the <br />City had to draw on letters of credit. Mr. Pankratz sta ed that there is a difference in what <br />Platinum was proposing compared to what Mr. Sharp is proposing. He noted that Platinum was <br />going to build two buildings, while r. Shames proposing to build the first building and then <br />future buildings as needed to clie s eeds. He stated that the additional geotechnical information <br />also changes the deal. Chairp-, se . teffen asked when Mr. Sharp would begin construction. <br />Mr. Sharp stated that he woe to s construction this year but at the latest would be spring <br />2018. <br />Motion carried. Voting Yes: Chairperson Steffen, Members Hardin, Burandt, Riley, and Skaff. <br />Voting No: Member it • •■ Absent: Member Brunt. <br />4.03: PS <br />s Park: Approve MOU Related to New Internal Public Roadway <br />Econ . e . i /Assistant City Administrator Brama presented the staff report and reviewed <br />all ree re st rom PSD, which are split between three cases. <br />Chairp • . Steffen stated that at the last meeting this was discussed and there was one building, <br />but now ere are two buildings. He noted that the City cost requested was not changed. <br />Motion by Member Skaff, seconded by Member Burandt, to recommend to City Council to adopt <br />the Memorandum of Understanding (MOU), authorizing a not to exceed $250,000 <br />reimbursement to PSD LLC for the construction of a new public roadway located within the <br />City's new business park. <br />Economic Development Authority/June 8, 2017 <br />Page 4 of 8 <br />