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07/12/18
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07/12/18
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Chairperson Steffen asked if the right of re-entry is a standard condition. <br /> City Administrator Ulrich stated that typically that element is included. He confirmed that the <br /> modification could be made to the agreement. <br /> Chairperson Steffen commented that this will be a great use of the land and a great business to <br /> add to the community. <br /> Motion by Member Riley, seconded by Member Hardin, to recommend to City Council to <br /> approve the purchase agreement with PDKP Properties, LLC for roughly 1.23 acres of City <br /> owned land, contingent upon the applicant receiving financing and with the added condition that <br /> a right of re-entry agreement be added. <br /> Further discussion: Chairperson Steffen asked if direction should be given to look into whether <br /> the broker was the agent for both the buyer and seller. It was confirmed that staff should follow <br /> up to determine that appropriate commission is paid. <br /> Motion carried. Voting Yes: Chairperson Steffen, Members Riley, Hardin, Burandt, Kanaventi, <br /> Lambrecht, and . Voting No: None. Absent: None. <br /> 4.02: Consider Amendment to Purchase Agreement for Harvest Estates; Case of GS <br /> Land, LLC (Portions may be closed to the public) <br /> Community Development Director Gladhill presented the staff report. <br /> Darrell Gamar, GS Land, LLC, stated that NIC NIK Construction needed financing for the <br /> project and GS Land started as the finance company for the project and eventually took over the <br /> development. He confirmed that they saw the original purchase agreement. He stated that <br /> absorption of the development was slow for the first two years and the absorption has been much <br /> better in 2018. He believed that the market is currently between $70,000 to $80,000 for lot sales. <br /> He stated that they would like to continue with the project and they attempted to be fair in the <br /> counteroffer. He stated that had the project been available to do all at once it would have been <br /> possible to move dirt from phase one to phase two but given that option was not available that <br /> did impact the costs for phase two. <br /> Member Hardin asked if there will be a pond in that area. <br /> Community Development Director Gladhill stated that the ponding has already been created to <br /> support the project, there is no other need to excavate additional ponding, and therefore fill will <br /> need to be imported. <br /> Chairperson Steffen asked when the developer became aware of the need for the fill. <br /> Mr. Gamar replied that they knew that there would be some fill needed but they were not fully <br /> aware of the scale until the engineer reviewed the plans in the second half of 2017. <br /> Economic Development Authority/July 12,2018 <br /> Page 3 of 6 <br />
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