[0:02] [Music] [Applause] [Music] [0:56] **Clint Hooppaw**: Here we are. I call to order the meeting of the Apple Valley Economic Development Authority. It's a special meeting, it's October 24th, 2024. First order of business is the approval of tonight's agenda. Any changes from staff? [1:13] **Tom Lawell**: Mr. President, good evening. No changes to tonight's agenda from the Authority. [1:18] **Ruth Grendahl**: I move approval. [1:20] **John Bergman**: Second. [1:21] **Clint Hooppaw**: In favor? (Chorus of Ayes) That carries. Next, we have approval of the consent agenda, which is the minutes of the previous meeting, July 25th, and approval of the 2025 meeting calendar. [1:36] **Ruth Grendahl**: So moved. [1:42] **John Bergman**: Second. [1:43] **Clint Hooppaw**: In favor? (Chorus of Ayes) Opposed? That also carries. Regular agenda item number 4 is to consider and approve the sale and purchase agreement. Well, we'll let Tim follow through with this. [1:55] **Tim Benetti**: Good evening, Mr. President, board members. Before you tonight is a consideration and approval, if you so choose, of a sale and purchase agreement for The Gaslight site at 15584 Gaslight Drive. Most of you, I assume, are very much aware of this site located on the southeast corner of 155th and Gaslight, just south of the main MVTA Hub station. It's just over 3.1 acres, and this site is owned by the EDA. [2:36] **Tim Benetti**: July 25th, the EDA convened in closed session to review proposals from developer groups, which you actively interviewed on August 8th, and you selected Real Estate Equities as one of those groups to move forward. You directed staff to work with Real Estate Equities and complete the purchase agreement, and we have that sale and purchase agreement prepared by our own City Attorney, and it's before you tonight. The sale and purchase agreement is for their full appraised value of $2,122,500. [3:11] **Tim Benetti**: If you read the paperwork carefully, it just says that there will be a $25,000 deposit with a title company within three days following the effective date of the sale and purchase agreement. With the title company, it's fully refundable to the buyer during the due diligence period should something come up. It's non-refundable to the buyer upon the expiration of that due diligence period. Within three days following the expiration date, assuming the buyer has not terminated that agreement, the buyer will deposit with the title company an initial $50,000. Again, both of those proceeds will go towards the purchase price as needed. [3:48] **Tim Benetti**: The due diligence period is effective from the date through the date of 180 days after the effective date. The closing happens at least 180 days after the expiration of the due diligence period. Now, as part of an agreement in the sale and purchase agreement, at least 15 days prior, they have an option to extend another 180 days with another deposit of $25,000. [4:08] **Tim Benetti**: The sale and purchase agreement also includes a repurchase agreement which, unbeknownst to us, the EDA has a right by statute: if a development or developer is sold a piece of property and they fail to do something within one year, or do not develop it within one year, we have a right to purchase it back for the same price that we sold it for, and that's been included as part of the agreement. [4:34] **Tim Benetti**: So tonight, we're asking for approval of the sale and purchase agreement for $2,122,500 between the City of Apple Valley and Real Estate Equities LLC, and also to authorize the EDA President and Executive Director, Mr. Lawell, to execute that agreement on behalf of the EDA. I'll stand for any questions if you have any. [4:47] **Clint Hooppaw**: Any questions for Tim? [4:51] **Tom Melander**: No, I don't have any. Pretty standard. [4:54] **Lisa Hiebert**: Yep, good. [4:57] **Clint Hooppaw**: Okay. Um, you're looking for a vote on this? Motion to approve and authorize? [5:02] **Tim Benetti**: Yes, if you please. [5:05] **Ruth Grendahl**: So moved. [5:07] **Clint Hooppaw**: Second. [5:09] **Clint Hooppaw**: Motion by Grendahl, second by Hooppaw. In favor? (Chorus of Ayes) Thank you, that motion carries. That's our only item of business beyond the EDA items in communications and staff updates. Mr. Lawell? [5:24] **Tom Lawell**: Mr. President, we have none. [5:27] **Clint Hooppaw**: Okay, that takes care of this evening's business. [5:33] **John Bergman**: I'll move to adjourn. [5:36] **Clint Hooppaw**: Okay, all in favor? (Chorus of Ayes) Thank you all for interrupting here. [Music]