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Motion by Member Cords, seconded by Member Olson, to recommend to City Council to approve <br />of 70 percent, zero percent interest, forgivable loan for both the SAC and WAC charges in the <br />amount of $40,068 for Stories Foundation; subject to satisfactory underwriting based on the EDA <br />goals of selling City owned land in The COR, specifically a restaurant. <br />A roll call vote was performed: <br />Member Howell aye <br />Member Riley aye <br />Chairperson Steffen aye <br />Member Cords aye <br />Member Johnson aye <br />Member MacLennan aye <br />Member Olson aye <br />Motion carried. <br />4.03: Review Preliminary Concept Plan for Parcel 46 (COR): Case of Centra Homes <br />Economic Development Manager Sullivan presented the staff report. <br />Chairperson Steffen asked if Centra Homes would then leave the portion just north and west of the <br />roundabout for a future retail buyer rather than acquire it. <br />Economic Development Manager Sullivan confirmed that the City would retain that portion as <br />Centra Homes would have no desire to develop retail. He stated that when this parcels develops, <br />Zeolite will be upgraded to City standards. <br />Member McLennan asked who would be responsible for the cost to upgrade that road. <br /> <br />Economic Development Manager Sullivan stated that the cost share splits from project to project <br />depending on the level of benefit for each party but that would be negotiated. <br /> <br />Member MacLennan commented that there are many apartments and townhomes and not much <br />retail. He asked if allowed additional townhomes would limit the possibility for retail. <br /> <br />Economic Development Manager Sullivan commented that this would be a mix of attached and <br />detached townhomes and would match what is in the D.R. Horton development. He commented <br />that those are valid concerns. He stated that a vision process was completed in 2017 where the <br />City stated that they were open to this type of concept. He stated that directly west of this property <br />has parcels zoned for COR retail. He stated that there are three acres south of this currently under <br />is attracting more interest from other retail businesses as well. <br /> <br />Economic Development Authority/ July 8, 2021 <br />Page 6 of 12 <br /> <br />