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<br />Block E: Cardiovascular Systems, Inc. (CSI) <br />The City Manager received notice that CSI intends to exercise their right to extend their option on Block <br />E, consisting of 3.6 acres immediately north of Central Park Boulevard on the east side of New Brighton <br />Exchange. Per the existing contract, there are three option periods: 1) June 11, 2014 – May 31, 2017, 2) <br />June 1, 2017 – May 31, 2019, and 3) June 1, 2019 – May 31, 2021. Option period 1 was free to CSI. <br />Option periods 2 and 3 may be exercised only by paying $20,000/acre. CSI provided the City a check for <br />$72,000, securing future development rights on all 3.6 acres through May 31, 2019. If CSI moves <br />exercises the option in the future by buying land and building an addition to their building, the option <br />payments are credited towards the already agreed-upon price of $4.75/SF. <br /> <br />Staff will be available at the meeting to address any questions commissioners may have. <br /> <br />ATTACHMENTS <br /> TUV Site/Landscape Plan <br /> <br />