Title
Staff Report, Discussion, and Possible Action Approving a First Amendment to the Economic Development Agreement and Contract of Sale with Lonejack, LLC.
Requested Action
To Approve the Amendment and Contract of Sale
Recommendation
To Approve the Amendment and Contract of Sale
Description/History
The original economic development agreement was approved by the Board in early 2024, and then city council in March 2024, and this first amendment provides for the official transaction (sale) for the final MEDC owned lot (Lot 5), where the gas well and frac pond were located, between the railroad tracks and Sellmark's property. There is a revised site plan to accommodate and maximize development on this property as well, including opportunities to develop future phases into the future, beyond the scope of the agreement.
Justification
This provides more taxable improvements within TIRZ #1 that will provide for innovation and manufacturing incubation.
Funding Source
N/A
Prepared By
Jason Moore, Executive Director Economic Development