EDA approves one-year extension of purchase agreement for land sale to Once and Miss Corporation

The International Policy Economic Development Authority voted Sept. 8 to extend, by one year, the termination date on a purchase agreement that would allow Once and Miss Corporation to purchase EDA-owned land for $10,000. The agreement's current termination date was listed in the record as Dec. 31, 2027, and staff reported the developer requested an extension to align the purchase with project timelines into 2028.

Staff said it had received an email from a representative named Felix asking for the extension and that KEDA director Paul Nevinan had been contacted as part of outreach. Commissioners discussed whether there were competing purchase requests for the property; staff advised there had been no other inquiries at the time of the meeting.

Commissioners debated whether a one-year extension was prudent given the project's history and timetables. A commissioner noted the project had been in development for a long time and that there appeared to be limited appetite among stakeholders for further long delays. No competing bidders were reported during the discussion.

A motion to extend the agreement by one year was moved and seconded, and the chair called for discussion before taking a voice vote. The chair announced the motion carried. The transcript does not include a roll-call tally or detailed conditions attached to the extension.

Staff noted that if the extension were not granted, the agreement would remain in place until the 2027 termination date, after which the purchaser could choose to withdraw or forfeit any contractual rights, and the EDA could retain funds or pursue other options consistent with the development agreement. Commissioners did not record additional conditions or amendments during the meeting; staff and the developer will follow the amendment process outlined in the existing purchase and development agreement.