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Briefly, the development proposal requests the EDA subdivide the lot into <br />two approximately equal-sized lots. The north lot would then be sold for $1 <br />to Equity Management, Inc. who is proposing to construct a 16,000 square <br />foot speculative industrial building. The south lot would then be sold for $1 <br />to David & Carole Ripplinger for the construction of a 10,000 square foot <br />building. <br /> <br />The property is zoned for business park development. <br /> <br />Recommendation <br /> <br />Staff is recommending that the EDA authorize staff to proceed with the <br />development proposal which includes the following actions: <br /> <br />· Call for public hearing for the sale of EDA property <br />· Proceed with subdivision of property into two lots and draft purchase <br /> agreements for sale of property <br />· Call for public hearing for granting business subsidy assistance to <br /> Equity Management, Inc. in an amount over $100,000 and draft <br /> necessary agreements <br />· Call for public hearing for granting business subsidy assistance to <br /> David & Carole Ripplinger in an amount over $100,000 and draft <br /> necessary agreements <br /> <br />Attachments <br /> <br />· Plat <br />· Copy of Development Proposal from Gary Santwire dated July 7, 2000 <br /> <br /> <br />