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inspection period by 180 days, for a total of 360. Staff negotiated that the original earnest money ($1,000) be considered hard upon signing an addendum to extend the inspection period. Imperial needs to extend the inspection period to allow for a decision to be made by their client, Dollar General, to make a decision on continuing the development in Ramsey. Staff presented this request to the Council on July 22n The Council directed Staff to negotiate for $3,000 hard earnest money (non - refundable) to match the intent of the Agreement -- $1,000 per 60 days for extending the closing date. Imperial has subsequently countered with an addendum that shows $2,000 considered hard, non - refundable earnest money to match the intent of the Agreement -- $1,000 per 180 days of inspection (as they are requesting an inspection extension, not closing date). Staff is presenting this counter to the Council on August 11 Staff feels this counter is reasonable given the constraints on the site (marketability) and an agreement in hand. Update Council approved the counter addendum at $2,000 hard earnest money. Staff has confirmed these funds are secured at the title company per the Agreement. Prospect Red Prospect Red is a local HWY 10 business seeking property within the community for expansion. Staff has been working diligently in providing timely information to this business. This business is expecting to build a roughly 3,200 sq. ft. facility. Staff has identified Parcel #40 (XXX Bookstore Site) as an ideal location given the nature of the business. Staff is working with a local design build firm (providing setback info., development fees, etc.) to ensure the business' timelines are met: need for construction to be substantially completed prior to winter. This relocation and expansion offers some shuffling of properties and spin -off expansions along HWY 10. Update Staff is continuing conversations with this local business. Staff expected an LOI but has since been informed the costs for a new build are high. Staff, the business and the design -build firm will connect next week to determine options for moving forward. Prospect Season Prospect Season is a business looking to relocate to Ramsey. Prospect Season has expressed sincere interest in the old bookstore site along HWY 10. This prospect met with Staff to provide detailed information on the plans, the business, history, etc. Staff is reviewing the concept and will return an informal proposal on assisting this business locate in Ramsey. Prospect Cycle Prospect Cycle is a local manufacturer in need of roughly 70- 90,000 sq. ft. of new manufacturing space. This business is currently located in one of our existing business parks. This business manufactures high end, precision components for a variety of industries in its current 35,000 sq. ft. facility. This expansion conversation came about during a BR &E visit. After discussions with the business regarding needs, future expansion and more Staff identified the Future Business Park as the ideal location for the business to expand. Staff is working with the private landowner in the Future Business Park area, along with their broker (CBRE) to work a proposal for expansion here in Ramsey. Staff feels this prospect is seeking alternative locations outside of Ramsey. This business was incentivized to locate in Ramsey 7 -8 years ago via use of TIF /land write -down.