Agenda - Council - 09/12/2023 - Laserfiche WebLink

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A roll call vote was performed: Councilmember Musgrove aye Councilmember Riley aye Councilmember Woestehoff aye Councilmember Olson aye Councilmember Specht aye Mayor Kuzma aye Motion carried. 6. PUBLIC HEARING None. 7. COUNCIL BUSINESS 7.01: Adopt Resolution #23-193 Approving Purchase Agreement and Right of Re -Entry Agreement for Part of Outlot A, COR TWO: Norhart Architecture LLC Economic Development Manager Sullivan reviewed the Staff report in regard to the Norhart Architecture project on Parcel 46. Mary Beth Wise with Norhart came forward and reviewed the proposed project. She discussed the design and amenities of the proposed apartments as well as the purchase agreement. Economic Development Manager Sullivan continued the discussion of the purchase agreement. He shared that the purchase price is $435,600. He noted that this project will contribute $256,600 for the construction of West Ramsey Parkway. He reviewed the terms and contingencies within the agreement. He stated that there will likely be modifications to the concept plan when Norhart discusses this with the Planning Staff which may cause a few things to change. He shared the EDA's recommendation for adoption of the resolution to approve the purchase agreement and the right of re-entry agreement. Acting Mayor Riley asked about the corner of the property near the roundabout. Mrs. Wise explained that they have created a Norhart Corner which will house all of the amenities. She noted that they are trying to put this in every one of their buildings going forward as a way of branding Norhart. She stated that it will be at the roundabout so it is very visible. Acting Mayor Riley shared that the EDA really liked this design. Councilmember Musgrove asked where the funds for the sale of the building will go. Economic Development Manager Sullivan stated that the funds go in the TIF-14 district and there is a set policy of where the funds will go. He said that there are a number of expenditures that have City Council / August 22, 2023 Page 5 of 11