Laserfiche WebLink
A roll call vote was performed: <br />Member Olson aye <br />Member Johnson aye <br />Member Riley aye <br />Chairperson Cords aye <br />Member Steffen aye <br />Member Howell aye <br />Motion carried. <br />4. EDA BUSINESS <br />4.01: Consider Second Amendment to Purchase Agreement for Outlot B, COR Stone <br />Brook Academy; Case of Stories Foundation <br />Economic Development Manager Sullivan presented the staff report. <br />Chairperson Cords asked if the City has significant investment into this particular project or the <br />land as a function of this project. <br />Economic Development Manager Sullivan commented that the only investment has been staff time <br />and time put into the site plan which have been covered through escrow. <br />Member Steffen stated that he would like to hear from the developer. <br />Mark Thurston, Stories Foundation, thanked the EDA for allowing him to share this proposal. He <br />stated that they are in strong fundraising mode and have been for some time. He stated that they <br />have met with a number of banks that are supportive of the project but cannot provide assistance <br />until additional funds are raised. He stated that they would like to close on the lot and use that as <br />a marketing tool and showing a step forward towards the completion of the project. <br />Chairperson Cords asked how close they are to starting construction. <br />Mr. Thurston replied that they believe $1,000,000 in funding will be the point where they would <br />begin construction. He stated that they are turning over every stone and making new contacts in <br />order to raise funds and speak with banks. <br />Chairperson Cords commented that he did not see a negative impact to the City to hold onto this. <br />He assumed there are no other interests attempting to get into the project and therefore would <br />support the staff recommendation. <br />Economic Development Manager Sullivan agreed noting that this is a unique site that fits this <br />project well. He believed that it would be appropriate to give this project another year and <br />confirmed that he has not received any other interest in the site. <br />Economic Development Authority/ December 9, 2021 <br />Page 2 of 6 <br />