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City Administrator Ulrich confirmed that the EDA is comfortable with the proposal and noted <br />that staff will work out the details and bring a formal purchase agreement back to the EDA the <br />following month. <br />4.02: Consider Extension to Purchase Agreement with Capstone Homes for Outlot C, <br />Alpha Development <br />Community Development Director Gladhill presented the staff report. <br />Chairperson Steffen asked why the date was not originally pushed out. <br />Community Development Director Gladhill replied that the terms followed the standard <br />template, noting that the phasing and timing was not fully known at that time. He stated that <br />now that the timing and phasing is better understood, this can be considered. <br />Member Riley asked if this transaction would have to occur before Puma would be finished. <br />Community Development Director Gladhill confirmed that would be part of the plat process and <br />Puma Street would be upgraded at that time. <br />Member Riley stated that it appears that no one is ready for the road extension at this time, the <br />developer, or the City. <br />Community Development Director Gladhill confirmed that neither party is ready for Puma to be <br />completed. He stated that the two existing sections will be improved this year, but the extension <br />would not occur until the future time along with the development. <br />Member Hardin asked for information on the trees along Puma, <br />Community Development Director Gladhill referenced trees that had created a sightline issue for <br />many years. He noted that the previous property owner was still farming the land and therefore <br />the decision was made to delay the tree removal until development occurred. He stated that the <br />tree removal was a City action and not on behalf of the developer. <br />Motion by Member Hardin, seconded by Member Burandt, to recommend to City Council to <br />extend the Purchase Agreement by two years. <br />Motion carried. Voting Yes: Chairperson Steffen, Members Hardin, Burandt, Kanaventi, <br />Lambrecht, LeTourneau, and Riley. Voting No: None. Absent: None. <br />4.03: RCP Presentation: Restaurant Incubator Feasibility Study <br />Angelo Yuan stated that they have spent the last semester working with City staff on the <br />restaurant incubator project. <br />Economic Development Authority/June 14, 2018 <br />Page 3 of 10 <br />