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3. EDA BUSINESS <br />3.01: Consider Second Amendment to Purchase Agreement for Greenway Terrace 2; <br />Case of AEON Ramsey 2 LLC (Portions may be closed to the public) <br />Economic Development Manager Sullivan presented the staff report. <br />Economic Development Manager Sullivan highlighted the fact that AEON is applying for <br />Minnesota Housing Funds and that there application requires the property to be under contract <br />through the November 21, 2019 award date. He also stated that this property has been under <br />contract since 2017 and that the EDA should consider re -opening all terms of the negotiations, <br />including the sales price, if the proposed extension to January 13, 2020 is asked to be extended <br />again. <br />Member Kuzma asked and received confirmation that there would be a payment of $10,000 from <br />the applicant for the extension. <br />Economic Development Manager Sullivan confirmed that the applicant has already paid $10,000 <br />on two occasions and this extension would equate to another payment of $10,000 that would be <br />non-refundable. <br />Motion by Member Hardin, seconded by Member Kuzma, to recommend to City Council to <br />approve the Second Amendment with AEON Ramsey 2, LLC to extend the closing date until <br />January 13, 2020, including an additional $10,000 in non-refundable earnest money. All other <br />items, including the purchase price are to remain the same. <br />Motion carried. Voting Yes: Acting Chairperson Riley, Members Hardin, Kuzma, and Berg. <br />Voting No: None. Absent: Chairperson Steffen and Members Burandt and Kanaventi. <br />3.03: Receive 2019 Business Expo Summary <br />Economic Development Manager Sullivan presented the staff report. <br />Member Kuzma commented that better signage could have assisted with parking and entrance <br />into the event. <br />Economic Development Manager Sullivan asked if a banner or signage on the north entrance of <br />the building would be the type of signage member Kuzma was referring to. <br />Member Kuzma indicated this was the type of signage he thought would be effective. <br />Member Hardin stated that the venue was very nice and had a lot of space. He stated that he <br />would like to see a presence from the police and fire departments in addition to the City booth. <br />Economic Development Authority/ May 9, 2019 <br />Page 2 of 5 <br />