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4. APPROVAL OF MINUTES <br /> <br />None. <br /> <br />5. HRA BUSINESS <br /> <br />5.03: Consider Proposed Change to Purchase Agreement – Edgewood Development <br />(Portions may be closed to the public) <br /> <br /> <br />Development Manager Lazan reviewed the staff report relating to proposed changes to the <br />Edgewood Development purchase agreement for Site A in The COR. It was noted that while <br />Edgewood Development accepted the terms outlined in the purchase agreement and asked to <br />proceed to closing, they have not submitted the earnest money nor executed agreement to <br />counsel. Edgewood Development has now submitted a request to modify the agreement to <br />extend the dates. <br /> <br />Marty Fischer, Premier Commercial Properties representing Edgewood Development, stated a <br />reason to change the agreement is that they are excited about The COR and have taken time to <br />commission a $10,000 study that told them the number of units that could be rented for their <br />project. He explained that Edgewood Development is concerned about the Stoney River project <br />and feels that whichever project gets in the ground first will “win.” In addition, Edgewood <br />Development has taken on a project in Blaine and while it can handle both projects, feels if the <br />other project starts early, they would want to back away and not compete. But, if Edgewood <br />Development gets started first, they think the other group will not move forward Mr. Fischer <br />advised the market study indicated there is not enough ‘pie” in Ramsey for both projects to <br />survive. <br /> <br />Commissioner Elvig asked if the Anoka assisted living project is also competition. <br /> <br />Mr. Fischer stated he does not know what the study encompassed but does know it included The <br />COR and a radius around The COR. <br /> <br />Development Services Manager Gladhill stated it will include rental, memory care, and a lease <br />situation. <br /> <br />Mr. Fischer stated the two projects compete and the study, done six months ago, found there is <br />not enough need for rooms so it is a matter of who gets into the ground first. <br /> <br />Chairperson Backous asked why Edgewood Development is requesting an extension if it is the <br />first one in the ground. <br /> <br />Mr. Fischer explained that Edgewood Development is focused on its Blaine project, and had <br />purchased that land a year ago. <br /> <br />Commissioner Riley asked if earnest money or deposit had been collected for this project. <br /> <br />Housing and Redevelopment Authority / February 5, 2013 <br />Page 2 of 7 <br /> <br />