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Redevelopment Commission Meeting <br />46�Regular Meeting — September 3, 2004 <br />6. NEW BUSINESS (CONT.) <br />D. Sample -Ewing Development Area <br />(3) Staff report on disposition of property in <br />the Sample -Ewing Development Area. <br />(Oliver Industrial Park, Lot #1) <br />Mr. Laurent reported that staff met with Ken <br />Poling and Michael Stepanek, Jr., on <br />April 15, 2004 to discuss Mr. Poling's <br />interest in purchasing Lot #1 in the Oliver <br />Industrial Park for development of a <br />commercial landscape distribution center. <br />Preliminary sketches of a site plan were <br />discussed and the overall concept of the <br />development was acceptable to staff and the <br />City. Following that meeting, Mr. Stepanek <br />submitted an executed Option Agreement to <br />Purchase Property for Private Development <br />ILI on behalf of Mr. Poling. <br />Staff reviewed the proposed option purchase <br />on Lot #1, and determined that the suggested <br />option price is $5,000, which was to be <br />refunded to Mr. Poling if he did not enter <br />into Contract for Sale of Land with the <br />Commission by March 15, 2005. The <br />property is currently valued at $114,570. <br />Under the terms of the proposed option, the <br />Commission would agree to hold the <br />property until 2005 for the refundable <br />amount of $5,000. In addition to its own <br />review, Staff also sought an opinion from <br />legal counsel regarding sale of property by <br />merit of an option as this is not the <br />Commission's usual practice in property <br />disposition. Staff believes that the option, as <br />proposed, would limit the Redevelopment <br />Commission's opportunities to develop Lot <br />#1 without any substantial benefit to the <br />Commission. Staff does not feel that this <br />13 <br />