Agenda - Council Work Session - 02/15/2011

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CC Work Session Date: 02/15/2011 By: Aaron Backman Administrative Services Title: Update for The Falls Cafe / Wells Catering Project Information Item #: 2. 3. Background: It has been a long- standing goal of the City of Ramsey to attract new, quality full- service restaurants to the community. To that end last year the EDA participated in assistance to the building owner for the addition of Acapulco Mexican Restaurant in the Coborn's anchored retail center in The COR. In July of 2010 the EDA preliminarily approved assistance for The Falls Cafe / Wells Catering project to be located in The Ramsey Office Plaza building. The EDA preliminarily approved a $68,000 RLF loan for 10 years at 4.5% interest to George Wells; and to provide a zero interest, forgivable loan (currently estimated to be $55,000) to the developer to offset projected SAC/WAC fees associated with the new restaurant. On 2/7/11 the Econ. Dev./Marketing Mgr received the executed copy of the lease agreement between George Wells, Wells Catering Service, Inc., and Matt Kuker, Ramsey Retail Rental, LLC for the project. Mr. Kuker would undertake the extensive building modifications, estimated to be $850,000, that will be necessary for this new restaurant in The COR. Following plan review, it is estimated that construction would take approximately 2 and one half months to complete. The sit -down restaurant will now have 104 seats and a room for private events. Given the length of time between the EDA action and the present time, and modifications to the original coffee and deli concept, it was deemed important to update the City Council regarding this project. The principal of the business, George Wells, will provide a presentation to the council regarding his current plans. Mr. Kuker, the developer, will be available to respond to any construction questions the council has. Funding Source: EDA funding would be utilized for this project. Council Action: This is an update of The Falls Cafe / Wells Catering project. Form Review Inbox Reviewed By Date Kurt Ulrich Jo Thieling 02/10/2011 02:29 PM Form Started By: Aaron Backman Started On: 02/10/2011 10:46 AM Final Approval Date: 02/10/2011