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EDA Agenda Memo <br /> December 3, 1997 <br /> Page 3 <br /> • have such District in place prior to the end of the 1998 legislative <br /> session. Pending the legislature making any changes to the TIF laws <br /> retroactive, this would assure-a repayment mechanism to the EDA <br /> reserves for the cost of the Industrial Park lot. <br /> West Business Park <br /> The discussion of the Industrial Park lot is integral to a discussion of a <br /> land purchase in West Business Park. The difference is between <br /> having $195,000 available for a land purchase versus spending <br /> $65,000 to repay the EDA and only having $130,000 available for a <br /> West Business Park land purchase. <br /> Staff has discussed and negotiated a possible land purchase with two <br /> property owners/developers in the West Business Park: <br /> • Tony Emmerich <br /> • Chuck Christian has an agreement with Bill Gagne for the <br /> purchase of 20 acres east of the County Administration <br /> Building <br /> STony Emmerich Property-Issues <br /> • $1 per s.f. - covers cost of land and assessments <br /> • $195,000 (the excess from TIF District No. 5) _ 195,000 s.f. or <br /> approximately 4.48 acres <br /> • Staff has negotiated a purchase of 4.48 acres fronting on <br /> Joplin Street as indicated on the attached map <br /> • Mr. Emmerich has agreed to enter into an exclusive joint <br /> development agreement for the remainder of this property at <br /> the time of closing on the EDA purchase of 4.48 acres <br /> • Staff has, over the past several months, been working with a <br /> prospect showing interest in development of approximately 6 <br /> acres along the west side of the Emmerich property <br /> • The lot at the southwest corner of Business Center Drive and <br /> Joplin Street (2.79 acres)is not under Emmerich ownership. <br /> It has been necessary to wait to finalize the details of a possible <br /> purchase from Tony Emmerich due to a foreclosure process which was <br /> not completed until Tuesday, December 2, 1997. It appeared at one <br /> point over the past month that a redemption of this property was <br /> possible due to a Notice of Intent to Redeem being filed with the <br /> ak county. Staff was unsure if the redeeming party would be interested <br />