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Mr. Pankratz commented that everyone is looking for a deal and recognized that people will push <br /> back on the price regardless of what it is. He commented that they have not lost a deal because of <br /> a price as there is room for negotiation from the asking price. <br /> Member Riley stated that he is not suggesting this but asked if additional interest would come in <br /> quickly if the price were dramatically lowered. <br /> Mr. Pankratz commented that it would depend upon the desired use. He noted that there are higher <br /> design standards within The COR compared to outside of The COR. He commented that if the <br /> prices were reduced significantly some of the land could go faster but explained that some of the <br /> different markets simply do not have the demand they previously did,such as office. <br /> Member Riley commented that it would seem then that pricing is not the biggest issue and it would <br /> fall more under zoning and standards. <br /> Chairperson Steffen referenced parcels that are under contract and asked why the price would be <br /> proposed to be lowered. <br /> Economic Development Manager Sullivan noted that the prices within the report are the prices the <br /> properties are under contract for. He provided details on the proposed reductions in pricing and <br /> explained those are based on additional details that are now known related to those sites. <br /> Chairperson Steffen asked if there has ever been a lowball offer that they have not been able to <br /> come to terms on. <br /> Mr. Pankratz replied that there have been offers from groups that just did not fit within The COR. <br /> Economic Development Manager Sullivan confirmed that there have been a few discussions that <br /> have not been able to fit within the deal range. <br /> Mr. Pankratz commented that an offer can still be presented and discussed by the EDA and Council <br /> to determine if the lower price would be acceptable for the potential use. <br /> Economic Development Manager Sullivan provided additional details on the purpose of the deal <br /> range. He recognized the desire for a restaurant and noted that if the right restaurant came along, <br /> a discounted price could be accepted in order to encourage that type of development. <br /> Member Cords referenced the original investment in the property within The COR and the costs <br /> that have been recouped thus far through property sales. He asked if there have been additional <br /> costs to the City that have not been recouped through the sale of the properties. <br /> Economic Development Manager Sullivan provided additional details on the assessments that <br /> were outstanding for road projects and noted that although the assessments may not be built into <br /> the land prices, the City does intend to collect on those. <br /> Closed Session Meeting/ March 11, 2021 <br /> Page 2 of 4 <br />