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Discuss Purchase Option Policy for Northstar Business Park <br />August 14, 2006 EDA Meeting <br />Page 2 of 2 <br />Issues for Discussion <br />Following is a list of issues fox discussion: <br />• Opportunity lost cost. Staff continues to receive inquiries for this sized parcel with <br />projects that axe immediately ready to build. If the EDA chooses to giant a purchase <br />option on the property there is risk of having lost several opportunities fox <br />development if the company does not exercise the option at the end of the term. <br />• If the EDA chooses to exercise and option agreement what would be the conditions? <br />i.e. maximum time to hold property, downpayment amount, refundable ox not, <br />assignable, etc. <br />Does the EDA want to require a site plan and building elevation prior to execution of <br />a purchase option? <br />Action Requested <br />Staff requests the EDA discussion and direction as to whether ox not the EDA would be <br />willing to consider exercising a purchase option on the Northstar Business Paxk property. <br />S:\EDA\Indushial Land\Northstar Business Park\Memos\8.14.06 eda memo.doc <br />