Agenda - Economic Development Authority - 10/14/2021

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Economic Development Authority (EDA) Meeting Date: 10/14/2021 Submitted For: Sean Sullivan, Community Development By: Sean Sullivan, Community Development 4. 1. Title: Review development proposal from Java Properties on Parcel 50 Purpose/Background: Java Properties has been working with City staff over the past few months to put together a development proposal on Parcel 50 in the COR. The Development Review Committee has reviewed multiple iterations of the plan and are generally acceptable to the concept included in the packet. Parcel 50 had originally been guided for an office type use but market conditions and the sale of a parcel to Casey's and Java Properties (O'Reilly Auto Parts) open up possibilities for it to develop in a different way. Both Java Properties and PACT Charter school are exploring the feasibility of developing on this site. Staff has communicated to Java Properties that the City would like to see what could work for PACT Charter and the potential to work some retail into the site. Discussion with PACT Charter after the Work Session included a very fast timeline for PACT to select a site and to identify the feasibility of a number of sites they are considering. Based on those discussions staff believes that PACT will have selected a preferred site in the near future and development concept that will work for their project. Java understands that the city is not in a position to act on a Purchase Agreement until we have determined how much of the site would be available for development. Java would like to move quickly to retain end users they have had discussions with on this site. Java Properties has put together a two phase proposal to take down all of the city owned land and would like to present the development concept to the EDA for comment and consideration. Based on discussion, this could be brought back to a future EDA meeting for consideration of a Purchase Agreement, if applicable. Notification: N/A Observations/Alternatives: Mark Krogh, owner of Java Properties, will attend the meeting and present their proposal to the EDA for comment and review. There are still a lot of details that would need to be worked out including the utilities, roads and final layout. The EDA should provide comments and suggestions for the proposal and give a general recommendation on how to proceed. Staff understands this situation is fluid but is looking for direction on how to move forward with this proposal: Alternatives include: 1) Direct Staff to work on a purchase agreement with Java for all of Parcel 50. (two phased approach) 2) Direct Staff to work on a purchase agreement with Java for a portion of Parcel 50. (one phase approach) 3) Continue to work with Pact and Java to determine how much of Parcel 50 will be available for development and the work with Java on a Purchase Agreement. 4) Take Parcel 50 off the market until a decision is made about PACT Charter School. 5) Something else. Funding Source: N/A Recommendation: