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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 />