5.4.
Economic Development Authority (EDA)
- Meeting Date:
- 04/13/2017
- Submitted For:
- Patrick Brama
- By:
- Patrick Brama, Administrative Services
Title:
Update: GS Land PA Extension
Purpose/Background:
RE the attached GS Land PA (multiple documents, this PA was re-assigned from NIK management, and has also been amended). This PA is for the two-phased residential project, on the former municipal center campus (known as Harvest Estates).
Staff has received a request from GS to extend the closing date on this PA by one year. Like other agreements, staff requested an additional non-refundable earnest money from GS Land in exchange for the proposed extension. The Council pre-arranged this potential extension in 2016 (via a formal resolution). GS Land will be providing $20,000 earnest money, $5,000 will be non-refundable immediately. That request is anticipated to reach the Council on 04/25/2017(will be an amendment).
Staff connected with GS Land recently. They intend to move forward this project (i.e. Phase II). However, they need to make a little more progress with land sales on Phase I.
Staff has received a request from GS to extend the closing date on this PA by one year. Like other agreements, staff requested an additional non-refundable earnest money from GS Land in exchange for the proposed extension. The Council pre-arranged this potential extension in 2016 (via a formal resolution). GS Land will be providing $20,000 earnest money, $5,000 will be non-refundable immediately. That request is anticipated to reach the Council on 04/25/2017(will be an amendment).
Staff connected with GS Land recently. They intend to move forward this project (i.e. Phase II). However, they need to make a little more progress with land sales on Phase I.
Notification:
Observations/Alternatives:
Funding Source:
Recommendation:
Action:
Attachments
Form Review
| Inbox | Reviewed By | Date |
|---|---|---|
| Kurt Ulrich | Kathy Schmitz | 04/10/2017 10:04 AM |
- Form Started By:
- Patrick Brama
- Started On:
- 04/03/2017 01:27 PM
- Final Approval Date:
- 04/10/2017