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EDA BUSINESS Case #1: CONCEPTUAL RESTAURANT PRESENTATION Economic Development Coordinator Sullivan provided background information on Wells Catering and its owner, George Wells. The business is currently operating out of the Wells Event Center on Highway 10; and also serves as the sole caterer for the Fountains of Ramsey. The current arrangement of split services and equipment between the two sites is not cost effective; therefore, a new restaurant concept that would help consolidate the business is being introduced. The new restaurant would be located on the first floor of the Ramsey Office Plaza, which is adjacent to the Fountains of Ramsey. Economic Development Coordinator Sullivan introduced Jim Deal, who represents PSD, LLC. Mr. Deal explained that PSD, LLC agreed to put in the current Event Center and worked out an arrangement with George Wells, in which total management of the Event Center was turned over to Mr. Wells. The two have a business relationship based on revenues to pay for the cost of building the Event Center. Mr. Deal presented some renderings of the new restaurant concept, and stated that PSD has agreed to complete the front part of the restaurant, while the expenses associated with the cooking facility in the back would be covered by Mr. Wells. George Wells, along with Marty Fisher, representing Premier Commercial Properties, took turns speaking about the new restaurant concept. The deli coffee shop concept will offer drive - through service (which will hopefully appeal to commuters), prepared meals to go, a fresh salad bar, and also provide sit -down seating. The restaurant will be open seven days a week with hours starting at 5:30 a.m. and remaining open for dinner. Several new jobs, including a full - time manager, two full -time kitchen cooks, and eight part-time positions, will be created. The lease at the Wells Event Center is effective until March 2011, so along with trying to finance the project, Mr. Wells also needs to accommodate his current lease. Economic Development Coordinator Sullivan spoke to the EDA about whether or not they would consider using Revolving Loan Funds (RLF) to help finance part of this project. He questions whether they will be willing to accept an application from Mr. Wells for business subsidy, and will they consider it vs. ruling it out because it is a retail project. City Administrator Ulrich stated that the purchase of property along Highway 10 through the RALF program could be utilized to purchase the existing site, which will help in the relocation of the business, as well as, the payoff of the lease. This could be part of the subsidy package for the business to facilitate getting this business moved. He suggests that the EDA could recommend to the HRA that they consider this for RALF acquisition priority. Motion by Member Skaff, seconded by Member Steffen, to make recommendation to City Council to consider this a priority project, in conjunction with negotiations, to finalize Wells Catering moving to the new site. Motion carried. Voting Yes: Members Riley, Skaff, Williams, Look, and Steffen. Voting No: None. Absent: Members LeTourneau and Elvig. Economic Development Authority / February 11, 2010 Page 2 of 5