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City Administrator Ulrich presented the Staff Report. He explained that the city will be refunding the Lease Revenue Bond with General Obligation Capital Improvement Plan Bonds, making it necessary to terminate the lease agreement between the City of Ramsey and the Economic Development Authority (EDA). City Administrator Ulrich also stated that the City Council approved this action at their meeting on May 8, 2012 and he is seeking approval from the EDA. Motion by Member LeTourneau, seconded by Member McGlone, to approve to authorize termination of Lease Agreement, Ground Lease Agreement and authorizing execution of an Escrow Agreement relating to the issuance by the City of Ramsey of its $16,875,000 General Obligation Capital Improvement Plan Bonds, Series 2012A. Motion carried. Voting Yes: Chairperson Riley, Members McGlone, LeTourneau, Steffen, Skaff, and Williams. Voting No: None. Absent: Member Jeff Wise. Case #2: Staff Update Management Analyst Brama presented an update on the 2012 Business Expo. He cited that the event held on April 28, 2012 brought in an estimated 500 people, consisted of 48 vendors, and earned a lot of positive feedback. He thanked the EDA members who volunteered at the event. Member LeTourneau suggested implementing a method to better track the number of people in attendance. He would like to see a comparison of attendance numbers from year-to-year. Member McGlone recommended holding a drawing or offering a door prize; something that would require people to fill out a form which would assist in obtaining a more accurate headcount. Management Analyst Brama discussed the next update item; the City of Ramsey Business Appreciation Event golf tournament. He indicated that space has been reserved at The Links at Northfork, and other preparations for the event are underway. Management Analyst Brama will provide the event budget, as well as options for the "goody bag" give away, at next month's meeting. Management Analyst Brama gave a brief update on current EDA projects and leads. Case #3: COR Update City Administrator Ulrich presented the Staff Report that updated the members on projects in The COR and recapped the boat launch/ribbon cutting dedication event held on May 8, 2012. MEMBER/STAFF INPUT City Administrator Ulrich is soliciting a proposal from Mike Mulrooney for consultant retainer fees. He will bring back information to the EDA in June for discussion. Economic Development Authority/May 10, 2012 Page 2 of 3