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4. EDA BUSINESS <br />4.01: Consider Approval of Amended and Restated Right of Re -Entry Agreement: Stories <br />Foundation <br />Economic Development Manager Sullivan presented the staff report. <br />Member Olson asked what is involved in the site plan process, whether that needs to be redone or <br />simply verify what has already been done. <br />Economic Development Manager Sullivan replied that site .proval is good for one year and <br />if a proj ect does not move forward, it would start over. He that much of the same information <br />could be resubmitted. He stated that there were many es in the first approval, so staff <br />has been working with the applicant to address tho - • to re ission. <br />Stephanie Page, Stories Foundation, comme at they signed the purchase agreement at the <br />end of 2020 and closed at the end of 2021. tated that the bank funding that was secured <br />decided to change the percentage they would nee. ave o d from 20 percent to 80 percent, <br />therefore they had to start that proc-. of finding a . gain. She stated that it is taking <br />more time to raise additional fun. • .in the ban cing, noting thatThey have many <br />fundraising events and focused effort <br />Acting Chairperson Stewa■ asked the 1 hoop ey w• be able to work through the <br />contingencies. <br />Ms. Page replied that has be- orking er general ontractor to address those items. <br />She commented that thi 'ect is portant to •rganization and the community, and they are <br />committed to R <br />Mem ey asked 1 <br />ad other t in this property. <br />Economic Development Ma -r Sullivan replied that there have not been any other inquiries on <br />the parcel but noted that it is n • ted. He,Gommented that the City has other available land within <br />The COR should other users ha terest. <br />Motion by Member Jo . , • ded by Member Riley to recommend to City Council to approve <br />the Amended and Restat- of Re -Entry Agreement with contingencies (Site Plan Approval, <br />Development Agreement A. .royal, Final Plat Approval) as presented; subject to City Attorney <br />review. <br />Motion carried. Voting Yes: Acting Chairperson Stewart, Members Johnson, Olson and Riley. <br />Voting No: None. Absent: Chairperson Wiyninger and Members Howell, Lindahl, and <br />MacLennan. <br />Economic Development Authority/ June 8, 2023 <br />Page 2 of 4 <br />