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EDC Minutes March 1, 2017 Page 3 of 4 5. UPDATES A. Rice Creek Commons (TCAAP) Update Senior Planner Bachler explained the City's Option Agreememnt to purchase the 1.6 -acre Civic property on TCAAP. He stated the Option Agreement gives the City up to 7 years to purchase the property from the Master Developer. The City has an incentive to move quickly, however, because if they are able to decide on a plan for the site within two years of the Master Development Agreement being approved, the Master Developer will sell the property to the City for one dollar. Council Liaison McClung discussed the possible sale of the current City Hall property and the old City Hall property. There are approximately 6.5 acres on each site and the revenue from the sale of those properties, in addition to other funding sources, could become a part of financing the new facility. He mentioned a task force is being set up to consider what civic uses might be best for the TCAAP site and that two members of the EDC will be asked to participate in the task force. Senior Planner Bachler noted that the deadline for the RFP to assist the City with the planning process for the civic site is April 28. Staff will be updating the EDC once the City has more information on the task force and the appointment process. B. Commission Members Commissioner Radziej asked about the City Council's discussion on relocating City Hall. Council Liaison McClung noted that the City Council is willing to consider a new City Hall location, but no one has committed so far. C. Council Liaison Council Liaison McClung noted that Steve Scott is a new member of the City Council. He provided an update on the Joint Development Authority, noting that Jonathon Wicklund is now the chair, and that he and Mayor Grant are representing the City Council on the JDA. Council Liaison McClung mentioned that Roberts Management Group submitted a concept plan review for Phase 2 of Lexington Station and that final plans will be submitted soon. The Metropolitan Council recently visited with the City Council to discuss extending the A-line Bus Rapid Transit route. D. Staff Comments None.