Laserfiche WebLink
shortened. He believed that this developer would come back at a later time as they are interested <br />in the site but noted that the site will go back on the market and someone else may be interested <br />before that time. <br />Member Stewart stated that land prices will increase and therefore she would recommend that the <br />developer lose out on this price if they were to come back. <br />Economic Development Manager Sullivan commented that he would love to see a developer come <br />forward and be willing to endure the shutdown of Ramsey Boulevard, but there will be a turn lane <br />constructed that would make the site more marketable therefore after those improvements have <br />been made the site would likely increase in price. He agreed that the market could be different in <br />two years and the pricing could change for the developer. <br />Member Riley commented that this site would then be available for sale and would be marketed. <br />Chairperson Olson asked if it is known as to whether all the tenants were backing out, or just a <br />few. <br />Economic Development Manager Sullivan replied that two tenants did not want to move forward <br />under the scenario and therefore with only one tenant potentially committed the developer did not <br />want to move forward. <br />Chairperson Olson commented that he surprised that the developer had proposed this project with <br />that timing to begin with, with the knowledge of the upcoming shutdowns for the Highway 10 <br />project. <br />Economic Development Manager Sullivan commented that the west side of The COR, along <br />Armstrong will become more marketable because that will not be closed and will have more traffic <br />during Highway 10 construction. <br />Member MacLennan agreed with Member Stewart that if the developer were to come back, the <br />land price would not remain at this level. He understood the need for the developer to not move <br />forward at this time. <br />Member Howell stated her concerns with the refund of the additional earnest money related to the <br />extension of the due diligence period. She suggested that in future purchase agreements the <br />additional earnest money for the extensions of the due diligence period not be refundable. <br />Motion by Member Stewart, seconded by Member MacLennan, to recommend to City Council to <br />approve Cancellation Agreement for Parcel 50 with Java Companies, LLC as presented, subject to <br />City Attorney review. <br />Motion carried. Voting Yes: Chairperson Olson, Members Stewart, MacLennan, Howell, <br />Johnson, and Riley. Voting No: None. Absent: Member Wiyninger. <br />5. MEMBER / STAFF UPDATE <br />Economic Development Authority/ October 13, 2022 <br />Page 4 of 5 <br />