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Discussion on the Marketplace Development with Ryan Companies.
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Summary:
City Council approved a Real Estate Purchase Agreement amendment for the Brookings Marketplace property for ten (10) acres. The estimated cost for Ryan Companies to develop four pad-ready sites is $10.3 million, or $20.50 per sq. ft. The proposed purchase price for this phase remains $1.40 a sq. ft., or $609,840. The amendment is referred to a January 30 special election. A YES vote will approve the Council's amendment (Resolution No. 23-100). A NO vote rejects the amendment. Staff will present the details of this project to the Council and the public.
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