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Motion carried. Voting Yes: Chairperson Steffen, Members Hardin, Kanaventi, Burandt, <br />LeTourneau, and Riley. Voting No: None. Absent: None. <br />1.03: ALDI Purchasc Agrccmcnt: Prcliminary Rcvicw <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 />