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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 />