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Mr. Serna commented that staff had been great reaching out to him and following up. He noted <br />that the main reason for the length of time was that he was trying to find a site that had a structure <br />that would work for him. He noted that because he was unable to do that and Economic <br />Development Manager Sullivan continued to reach out to him, he decided to pursue this site and <br />build. <br />Member MacLennan asked if there is a timeline for construction. <br />Mr. Serna replied that he would like to begin as soon as possib]�He stated that they are working <br />on the blueprints and Weathershield will do the inside build out. <br />Motion by Member MacLennan, seconded by Me <br />Council approve the Purchase Agreement for Lot illock 1, , erside West, subject to City <br />Attorney review. <br />er Steffen, to recommend that the City <br />Motion carried. Voting Yes: Chairperson Cords, Members MacLennan, Steffen, Howell, <br />Johnson, Olson, and Riley. Voting No: None. Absent: No <br />4.02: Consider First Amendment to Purchase Agree for Outlot B, CQR Stone Brook <br />Academy; Case of Stories Foundation (Portions may be closed to the public) <br />Economic Development Manager Sullivan presented the staff re <br />Member Johnson asked if the entity will be able to secureincg. <br />Economic Development Manager Sullivan commented that the City is not providing financing and <br />therefore he only has the information the applicant has shared. He stated that the applicant is <br />working with a local bank in attempt to secure the financing. <br />Chairperson Cords stated'that he would assume request to pay $1,000 per month rather than <br />the $3,000ont would be to cash flow as this is a nonprofit entity. He asked if the applicant <br />would not ha' •ay the $1for one oOthe months if they were to close prior to that month. <br />Economic Develop Manager Sullivan replied that all of the money goes towards the purchase <br />price, so that does not _ y matter. <br />Chairperson Cords stated that he supports the action. <br />Motion by Member Steffen, seconded by Member Olson, to recommend that the City Council <br />approve the First Amendment to Purchase Agreement for Outlot B, COR Stone Brook Academy, <br />subject to City Attorney review. <br />Motion carried. Voting Yes: Chairperson Cords, Members Steffen, Olson, Howell, Johnson, <br />MacLennan, and Riley. Voting No: None. Absent: None. <br />Economic Development Authority/ September 9, 2021 <br />Page 3 of 5 <br />