12-15-2014 EDA MIN - Laserfiche WebLink

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Economic Development Authority liinutes December 15, 2014 Page 2 Commissioner Wilson questioned what resource the city has if Stonesthrow defaults since the property is being purchased on a Contract for Deed. Commissioner Motin stated the city would have the option to take over the contract in the case of a default. Commissioner Motin provided an update on the Finance Committee's discussion. He suggested the EDA look into a policy for future requests. President Tveite added he is also on the Finance Committee and the committee felt this is a strong application and recommended approval with the conditions as outlined. Consensus of the EDA was of general support for the application and for staff to work through the details and come back in January. 6.1 Public Art Installation Ms. Eddy presented the staff report. She stated the judging panel has been established and includes President Tveite (EDA), Councilmember Burandt (Council), Commissioner Niziolek (Parks and Recreation Commission), Sharon Tracy (Arts Alliance and resident at- large), and Jean Loy- Swanson (Arts Alliance and resident at- large). Ms. Tracy provided an update on the proposals explaining that the committee is recommending the three finalists come back in January to determine which proposal best defines the "Powered by Nature" brand. The EDA concurred with this approach. 6.2 Letter of Interest Mr. Barnhart presented the staff report. Annie Deckert, Decklan Group, representing GATR — indicated she emailed the job creation information to the EDA. She explained that GATR has offered $2 per square foot and would like EDA action today so they can move forward for spring groundbreaking. Mr. Barnhart stated no formal application or purchase agreement has been received so at this time staff is only asking for authorization to remove the listing and to move forward with negotiation of a sale price. Discussion on the request took place. Consensus of the EDA was to remove the listing from the market for 60 days and for staff to work with the applicant to obtain additional information in order for the EDA to make an informed decision. 6.3 Nature's Edge Business Center Signage Ms. Nissen presented the staff report. She reviewed the options.