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<br />Request for Action <br />ToItem Numbe <br /> <br />r <br />Economic Development Authority 6.3 <br />Agenda SectionMeeting DatePrepared by <br /> <br /> <br />General BusinessMarch 16, 2015Jeremy Barnhart, Deputy Director, CODD <br />Item DescriptionReviewed by <br /> <br /> <br />Sale of Lot 1, Block 2, Natures Edge Business Cal Portner, City Administrator <br />Reviewed by <br />Center <br /> <br /> <br />Action Requested <br />Respond to Purchase Agreement received for Lot 1, Block 2, Natures Edge Business Center (NEBC. <br />(Scott Morrell) <br /> <br />Background/Discussion <br /> <br />The city has received a Purchase Agreement to purchase lot 1, block 2, NEBC from Scott Morrell. <br /> <br />The purchase agreement proposes the purchase of the lot adjacent to Morrell Trucking for the asking <br />price. (2$ per square foot). Morrell proposes $15,000 earnest <br /> <br />Morrell proposes closing by November 19, 2015, though it is anticipated closing would occur sooner. <br />The contingency date is May 19, 2015, which anticipates late March/ early April subsidy and land use <br />applications. Contingencies include: environmental testing, land use approvals (rezoning, site plan/ <br />Conditional Use Permit approval), and tax abatement. It is not known how much, or for what purpose <br />tax abatement is sought. <br />Analysis <br />The Agreement proposes the sale of the lot for the previously directed asking price. While the earnest <br />money is consistent with past practice, it is lower that the rec <br />While not a lot is known about the proposed development, in the <br />at the asking price, subject to future land use approvals seems consistent with the goals and objectives of <br />the city and its economic development endeavors. <br /> <br /> <br />Financial Impact <br />N/A <br /> <br />Attachments <br /> <br />Purchase agreement (to be distributed at closed meeting) <br /> <br />