Laserfiche WebLink
4. EDA BUSINESS <br />4.01: Consider Approval of Third Amendment to Purchase Agreement for Lots 1, 2, and 3, <br />Block 1, COR TWO; Case of RGH RAMSEY LLC (Portions may be closed to the <br />public) <br />Economic Development Manager Sullivan presented the staff report. <br />Member Riley asked if there has been any other interest in these properties. <br />Economic Development Manager Sullivan stated that there have not been any additional requests <br />in the site but noted that the site is not listed in the market due to an active PA. He stated that the <br />market interest from retail is not strong right now because of COVID. He stated that the applicant <br />has been working hard to bring different prospects to the site and has shared those communications <br />with staff. He stated that the applicant has not been able to gain traction because the retail market <br />remains in a holding pattern. He stated that the applicant has invested $40,000 in the process thus <br />far and still wants to make it work. He stated that due to the COVID environment and anticipated <br />winter conditions, staff supports the amendment. <br />Commissioner Heineman asked if there are other similar parcels in the City that garnered retail <br />interest recently. <br />Economic Development Manager Sullivan stated that the only retail interest in recent times has <br />been for the site adjacent to Casey's Gas Station by O'Reilly's, noting that business has not been <br />impacted by COVID in the same manner other businesses have been. <br />Member Cords asked how this project would compare to the strip mall constructed across <br />Armstrong from this location. He asked if that would have similar tenants and whether it would <br />compete for tenants. <br />Economic Development Manager Sullivan replied that rather than a multi -tenant building, which <br />is across Armstrong, this project would have a different structure with three separate owner - <br />occupied buildings. <br />Member Kuzma commented that this is a reasonable request with the challenges of COVID. <br />Motion by Member Kuzma, seconded by Member Cords, to recommend to City Council to <br />approve the Third Amendment to Purchase Agreement for Lots 1, 2, and 3, Block 1, COR TWO; <br />subject to City Attorney review as to legal form. <br />Further discussion: Member Cords agreed that this is a reasonable request based on the current <br />economic and other conditions. <br />Motion carried. Voting Yes: Acting Chairperson Burandt, Members Kuzma, Cords, Heineman, <br />and Riley. Voting No: None. Absent: Chairperson Steffen. <br />Economic Development Authority/ November 12, 2020 <br />Page 2 of 4 <br />