Agenda - Economic Development Authority - 03/14/2024

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Mr. Eaton commented that they are motivated from both a financial standpoint and increased traffic point of view. He stated that his retail broker has had initial discussions with some groups, and he has spoken with developers related to food, coffee, and dental users. Economic Development Manager Sullivan commented that there is already a dental user in that area and therefore a dental user would not be preferred I such close proximity. Mr. Eaton replied that would also not be their preference for users. Member MacLennan asked if the business would be building and leasing the space. Mr. Eaton commented that their preference would not be to sell, but there are different options to consider. He stated that they do have the capability to build for another user. Member Riley referenced the requirement for the parking lot and asked where that would be located. Economic Development Manager Sullivan identified the parking stalls that would be built as part of the requirement the City would have upon development of that area. He stated that the idea was to provide additional parking for the employees and/or customers of the building south of that area. Member Riley commented that he is supportive of this use and would like to see the lots connected as proposed. Member MacLennan commented that he was in that southern building, and it can be tough to get in and out. He wanted to ensure that the parking is available to all users and that there is a good flow for traffic. He commented that this is an odd shape lot, and it is great to see a proposed use. Motion by Member Stewart, seconded by Member Johnson, to recommend to City Council to approve Purchase Agreement and Right of Re -Entry Agreement with Garage RE LLC (Take 5); subject to City Attorney review. Motion carried. Voting Yes: Chairperson Wiyninger, Members Stewart, Johnson, Howell, Lindahl, MacLennan, and Riley. Voting No: None. Absent: None. 4.03: Consider Refund of Earnest Money and Project Costs to COR Trust Bank N.A. Economic Development Manager Sullivan presented the staff report. Dean Suchy, COR Trust Bank, commented that he worked with City staff throughout the process noting that the purchase agreement was completed in August of 2022 and with the recommendations from staff the business redesigned their plans to match that input. He stated that the Planning Commission provided a recommendation of support, but the City Council ultimately did not approve the project. He explained that they redesigned their plans based on the input of City staff which had an additional cost, and yet the project was still denied. Economic Development Authority/ February 8, 2024 Page 6 of 9