Laserfiche WebLink
Motion carried. Voting Yes: Chairperson Steffen, Members Hardin, Kanaventi, Burandt, <br /> LeTourneau, and Riley. Voting No: None. Absent: None. <br /> •,! : . _ . „ . . • . . •.• . . : I • „ • <br /> 4.04: AEON Purchase Agreement, Phase II, Amendment I <br /> Economic Dev. Mgr/Assistant City Administrator Brama presented the staff report. <br /> Chairperson Steffen asked for details on the right-of-reentry date for Phase II. <br /> Economic Dev. Mgr/Assistant City Administrator Brama provided additional details on why <br /> there is not a right-of-reentry agreement needed with this applicant. <br /> Member LeTourneau stated that at times developers have different reasons for extensions and <br /> noted that it is his understanding that this type of project requires a lot of maneuvering to obtain <br /> multiple financing partners. He stated that it is his understanding that the applicant needs <br /> additional time to gain the needed financial partners and therefore it seems there is a solid reason <br /> to grant the extension. <br /> Economic Dev. Mgr/Assistant City Administrator Brama confirmed those details. He noted that <br /> typically, the financial partners have a one-year financing cycle and therefore it would make <br /> sense to grant the one-year extension. <br /> Chairperson Steffen noted that the previous night AEON received an award of Developer of the <br /> Year and therefore it seems the developer is doing good things in the state. <br /> Motion by Member Hardin, seconded by Chairperson Steffen, to recommend to City Council to <br /> Approve the Amendment to the Purchase Agreement with AEON Ramsey 2 LLC dated June 30, <br /> 2017. <br /> Motion carried. Voting Yes: Chairperson Steffen, Members Hardin, Burandt, Kanaventi, <br /> LeTourneau, and Riley. Voting No: None. Absent: None. <br /> 4.05: Centra Homes Purchase Agreement: Multiple Actions <br /> Economic Dev. Mgr/Assistant City Administrator Brama presented the staff report. <br /> Chairperson Steffen noted that the EDA met with the developer a few months prior to discuss <br /> this case. He referenced the re-entry date and noted that seemed a little long. <br /> Economic Dev. Mgr/Assistant City Administrator Brama provided additional details noting that <br /> the agreement states five certificates of occupancy per year over the next three years, which <br /> begins in 2019. He confirmed that staff is comfortable with that approach and that the agreement <br /> is consistent with other approved developments. <br /> Economic Development Authority/April 12,2018 <br /> Page 3 of 8 <br />