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Chairperson Steffen stated that the developer is asking for a discount of $274,000 in the land <br />price, which exceeds the cost of the fill. <br />Mr. Gamar confirmed that the cost of the fill would be $250,000. He confirmed that is the total <br />discount requested and feels that would be the price necessary to make the project work in <br />today's market conditions. <br />Member LeTourneau asked for additional input on a different use or different developer. <br />Community Development Director Gladhill replied that discussion can be had, noting that would <br />be a longer process but would be acceptable. He stated that the purchase agreement can lapse, <br />and the listing can be put back on the market to determine the interest. <br />Member LeTourneau stated that discounting a property by $279,000 is a large discount and the <br />sale of the property is about recovering costs and getting the property back on the tax roll. He <br />suggested perhaps putting the property back on the market to determine if another developer <br />would be interested. <br />City Administrator Ulrich stated that going out to market might open up different considerations <br />in terms of design. He stated that currently the design is locked in and the project could be value <br />engineering in a different manner that could make it more viable. <br />Member Riley stated that he is not interested in negotiating this price. He stated that the City did <br />not dictate the original selling price and the land has been tied up for the past three years. He <br />stated that he believes that the City should open the property up to the market which could bring <br />additional ideas on how to use the land and a better selling price. <br />Chairperson Steffen confirmed the consensus of the EDA. He asked if phase one is complete. <br />Community Development Director Gladhill confirmed that the infrastructure for phase one has <br />been completed and construction of phase one is almost completed. He provided additional <br />details on the exiting parking lot, which is functioning as a temporary cul-de-sac, noting that <br />there are terms in the purchase agreement for phase one which address the need for a cul-de-sac <br />improvement should phase two not move forward. <br />Motion by Member Riley, seconded by Member Burandt, to recommend to City Council to deny <br />Amendment 3 to the Purchase Agreement with GS Land. <br />Motion carried. Voting Yes: Chairperson Steffen, Members Riley, Burandt, Hardin, Kanaventi, <br />Lambrecht, and LeTourneau. Voting No: None. Absent: None. <br />4.03: Review Update Restaurant Subsidy Program <br />Community Development Director Gladhill presented the staff report. <br />Chairperson Steffen confirmed that this would become a part of the business subsidy application. <br />Economic Development Authority/July 12, 2018 <br />Page 4 of 6 <br />