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AGENDA ITEM #10.1 <br /> City of <br /> Pequot <br /> Lakes= - <br /> REPORT TO CITY COUNCIL <br /> Report Prepared by: Nancy Malecha <br /> Date: August 6, 2019 <br /> Subiect: Pequot Lakes Business Park Prospect <br /> Report: Attached is project, background, timeline, and purchase price <br /> information for Joe Dotty of Dotty Holdings who is interested in purchasing the <br /> City's final lot for sale in the Pequot Lakes Business Park. This lot is #13 on the <br /> attached map and is 1.85 acres in size. It is located directly south of Lonesome <br /> Cottage Furniture Company. <br /> The Economic Development Commission (EDC), at their meeting held on July <br /> 16t'', reviewed this information and is recommending the City continue <br /> negotiations and draft documents with the prospective buyer and include a due <br /> diligence hold until October 15, 2019 to not sell this property to another prospect. <br /> This will give Mr. Dotty time to compile all the information needed for the <br /> purchase of this property. <br /> The EDC further noted the Council may want to include some of the Heart of the <br /> Good Life Development zoning standards on this property due to its close <br /> proximity to this Development; however, it would be difficult to do this as these <br /> standards have yet to be finalized and are in a different zoning classification. I can, <br /> however, inform Mr. Dotty of these standards if he is interested in incorporating <br /> some of them for this property. Attached is a draft of these standards. <br /> Council Action Requested: Council motion authorizing the City Administrator to <br /> negotiate and draft documents for the sale of Pequot Lakes Business Park lot #13 <br /> with the prospective buyer, Joe Dotty of Dotty Holdings, and furthermore <br /> authorizes a due diligence hold on this property until October 15, 2019. <br />