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Economic Development !Authority :Minutes January 20, 2015 Page 7 stated he would like it to fall into the parameters of the appraisal and felt $2.25 was a fair starting point. Commissioner Dwyer agreed, and felt if the property was going to be re -zoned commercial, it should be sold at a commercial price. Commissioner Provo stated if they repeat what was done in the past, it would not be the intent to make a profit from the land. Commissioner Dwyer felt that because the land was city owned, it was taxpayer land, and should be sold at a fair price according to an appraisal, but what is proposed for an abatement package is a different question. Mr. Barnhart stated the costs incurred in developing this property should be considered as well as what is done to provide funding for future developments, and doesn't consider this profit as much as creating more opportunities down the line, which is why he is suggesting $2.25. Commissioner Westgaard stated they have a letter of intent but not an offer or purchase agreement and wasn't sure how to proceed. He wondered if this was enough dialog for the interested business to come back with a formal purchase agreement. Mr. Barnhart stated he had what he needed. Ms. Annie Deekert, Decklan Group, representing the applicant stated the information the EDA has provided this evening has been helpful. She stated on Nov. 18 she emailed staff asking to enter into a formal purchase agreement for the $2.00 per square foot and was waiting to receive the city template purchase agreement. She asked for clarification on the definition of useable square footage. Mr. Barnhart stated usable as was defined by the appraisal as everything except for delinated wetland. He stated he would be finalizing a draft purchase agreement based upon what was discussed this evening. The last item for consideration was if the EDA was interesting in use of Tax Abatement for the support of a retail business. Commissioner Dwyer stated he was questioning how to differentiate a car dealership versus a truck dealership when determining an abatement, and why was this considered a retail business. He would have difficulty giving an advantage to a new business coming in comparing to those competing established businesses not able to take advantage of these opportunities. so President Tveite felt he had more ease differentating this from a retail car transaction -type place as they are dealing dealing with commercial products. He agreed it was a gray area.