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scope of improvements needed and the associated estimated costs. <br />Looking forward --likely, staff will propose TIF District #14 (COR TIF District) to finance any needed public <br />improvements. This project will generate significant TIF dollars. <br />Funding Source: <br />NA <br />Recommendation: <br />STAFF <br />• Staff believes the proposed project meets the general direction provided by the EDA, PC and Council in <br />September --in terms of site location and proposed use. <br />• Staff believes the attached PA is generally consistent with city's polices for selling city owned land and is <br />comfortable with the asking price. Staff is not requesting to go into closed session. <br />• Lastly, staff would recommend completing the attached Bolton & Menk work order (concept level feasibility <br />report for nearby infrastructure). This work will keep the project moving forward, and give both parties a <br />better idea what costs should be expected, for a cost -share, for public infrastructure that will be needed as a <br />result of this project. <br />EDA <br />• Please see attached EDA minutes. The EDA is generally supportive of proposed project and the attached <br />purchase agreement. <br />• Important note: the EDA did not see the attached redline changes. These changes occurred after the EDA <br />meeting. <br />• The EDA noted the new Concept C Layout/ Map does a better job of meeting the city's vision for a building <br />the fronts Sunwood Drive and hides the parking. <br />• The EDA asked if any existing utilities would cause problems for this proposed project. Staff is not aware of <br />any causes for concern at this time. The city recently completed an ALTA Survey for this property, and the <br />city's Civil Engineer IV also did a preliminary site review. Further detailed review will be needed. <br />• The EDA requested staff negotiate a cost -share for the attached Bolton & Menk work order. Staff did reach <br />an agreement with the developer to split the cost (50:50). <br />Action: <br />Motion to: <br />Approve the attached purchase agreement with CAP Acquisitions LLC for roughly 4.2 acres of city owned land. <br />-and- <br />Authorize the attached Bolton & Menk work order. <br />Concept Layout C <br />PA <br />PA (redline) <br />Inland Presentation <br />Bolton and Menk Work Order <br />EDA Minutes <br />Attachments <br />Form Review <br />Inbox <br />Reviewed By Date <br />