Agenda - Economic Development Authority - 08/08/2024

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4. 5. Economic Development Authority (EDA) Meeting Date: 08/08/2024 Primary Strategic Plan Initiative: Promote economic growth and development. Title: Review Proposed Change to Auto Body Project by Blanery LLC Purpose/Background: The purpose of this case is to provide an update to the EDA on a revision to the auto body project by Blanery LLC and to reaffirm support for the revised project. Blanery LLC has provided a revised project that reduces the upstairs office from 8,500 SF to 1,480 SF. The 8,500 SF office upstairs was initially proposed to be office space for rent but the Developer has now decided that this is not cost effective and that 1,480 SF of office space directly related to the auto body business makes more sense. The Purchase Agreement only calls out an 8,500 square foot building, so the proposed change is not in conflict with the executed Purchase Agreement. Staff is supportive of the reduction of the office area and frankly has some concerns with the site being under parked with all of the additional office space for rent along with the Auto body business. Staff wants to know if the EDA is still supportive of the revised project description. Notification: Not required Time Frame/Observations/Alternatives: Blanery LLC has reduced the second floor office space from 8,500 SF to 1,480 SF. The 8,500 SF first floor remains committed to the auto body repair use. Staff supports this change and does not feel that an amendment to the Purchase Agreement is necessary based on the 8,500 SF the building footprint remaining unchanged. Staff is asking the EDA review the proposed change and to provide comment and a recommendation to Staff and ultimately the City Council. The new site plan and building elevations are attached for review. Alternatives: 1) Accept project changes (Reduction of Second Floor Office space) by Blanery LLC and recommend to the City Council that no changes are needed to the Purchase Agreement (if required) 2) Accept project changes (Reduction of Second Floor Office space) by Blanery LLC and recommend to the City Council that the Purchase Agreement be amended to outline the specific change in the project description 3) Reject the changes and recommend to the City Council to terminate the Purchase Agreement 4) Something else Recommendation: Accept project changes (Reduction of Second Floor Office space) by Blanery LLC and recommend to the City Council that no changes are needed to the Purchase Agreement (if required) Staff believes that the current Purchase Agreement allows for the reduction in Office space on second floor and that an amendment to the Purchase Agreement is unnecessary. Outcome/Action: