In the May 9th meeting of HEDRA, Commissioners Present were listed as Sinclair, Toppin, Vaughan, and Fox Commissioners Absent were Sullivan, Peine, and Balsanek Staff Present were Community Development Director John Hinzman and Economic Development Coordinator Rusty Fifield. During the metting the commission voted to authorize an amendment to the Real Estate Option Agreement for Rungoli representing Panache Cidery, which proposes to build to the north of Lot 1, behind Art Space River Lofts. Community Development Director summarized the amendment that would extend the termination date from June 1st to October 31, 2019 and would also establish the submittal of certain project information by RungoliPanache by September 30, 2019.
Terms of the extension also establishes a purchase price of $470,700 equating to ($7.23 per s.f.) for the property although HEDRA may consider a reduction of the purchase price upon demonstration from the developer that a specified lower price is needed to make the project financially feasible. To demonstrate financial feasibility and the related lower price, the Developer must provide additional financial information on or before September 30, 2019. Commissioners then discussed a shorter termination date and how environmental grant funding may be used for the site if the development does not occur.
Commissioner Vaughan motioned to authorize the amendment as presented by staff which was seconded by Commissioner Fox. That motion was approved on a 4-0 vote. In a related move, The City has submitted a grant for $270,000 to assist in environmental cleanup for the apple production facility also associated with Panache which would be located in the industrial park. It is not known when acceptance or denial of the grant would be received.
