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Community Development Director Gladhill stated originally it was a part of the Ramsey Town Center in 2003. He stated most recently in 2011, after they went through a revision process they changed how they approached the development pattern and concentrated on the first quarter mile. Chairperson Steffen asked if there has been any research done that indicated the economy supported it. Community Development Director Gladhill stated there have been market studies done. The Northstar Community Development Authority finished up a study in 2012 -2013 that supported some of this. The Planning Commission mentioned this is a good time to look at that plan. Chairperson Steffen asked if the purchase agreement was passed by the Council unanimously. He stated it was troubling to him that after it went to the Council, it went to zoning and items were red flagged and now it appears that the deal potentially may not close. Community Development Director Gladhill stated the development and zoning plans were well known and it was stated that they would be able to meet those standards. As PSD started to go through their planning, they started to have trouble reaching the standards and as part of their natural process of design, they found some better market data. Chairperson Steffen asked if the proposal was far from what the City wanted. Community Development Director Gladhill did not think the City wanted to risk losing the project and have planned several alternatives in order to make the project happen. The Board paused for a moment of silence at 7:47 a.m. to remember the victims of 9/11. Member Riley stated at the Council meeting, there was no discussion about forcing the deal or losing it. PSD was being flexible in working with staff and they were looking for direction. PSD is willing to build the parking ramp if the numbers work.' Member LeTourneau agreed. Member Williams stated in her experience, this type of due diligence process is part of a development like this. There is usually a rapid turnaround from the time a purchase agreement is signed to the closing date and for a commercial project of this size that is short. PSD is asking what modifications are required and it does not sound concerning to ask for a change in the density. Member Williams asked what options there are to modify at this point. Member Riley stated market forces were also discussed at the Council meeting. There was no talk about government forcing what it is going to look like. Chairperson Steffen asked if it would be appropriate to ask for the PSD market study. Economic Development Authority /September 11, 2014 Page 3 of 7