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Member Riley stated that there is a sufficient balance in the EDA Fund and believed that should <br />be used. <br />Economic Development Manager /Assistant City Administrator Brama verified that he would <br />follow up to determine the ratio of restricted to unrestricted funds. <br />Chairperson Steffen stated that he would abstain from the vote because he has ties to both <br />companies. <br />Motion by Member Skaff, seconded by Member Hardin, to recommend approval of Bolton and <br />Menk. <br />Motion carried. Voting Yes: Members Skaff, Hardin, Riley, and Williams. Voting No: None. <br />Absent: Member Brunt. Abstained: Chairperson Steffen. <br />4.03: Consider Purchase Agreement with WESTCO Properties LLC (portions may be <br />closed to the public) <br />Economic Development Manager /Assistant City Administrator Brama presented the staff report. <br />He reviewed the net proceeds and noted that the amount included in the packet is slightly <br />different and would be closer to $77,000, after commission and payment to the County is made. <br />He stated that the potential buyer has been great to work with and the City has experience <br />working with Restore 24 in past projects. He stated that Mr. West is proposing a subgrade <br />loading dock and staff has mentioned that the elevation of existing stormwater facilities is <br />somewhat high and therefore that dock would have trouble draining and there would be <br />additional cost incurred to move forward with that option. <br />Chairperson Steffen stated that this will give the opportunity for an existing Ramsey business <br />that is successful to become more successful directly across the street from his current location. <br />Member Hardin referenced if the issue discussed the previous month regarding the PCA and the <br />land south of the landfill and questioned if that would have an impact on this site. <br />Economic Development Manager /Assistant City Administrator Brama confirmed that would not <br />have an impact on this site. <br />Member Hardin questioned if there were existing surveys on this property and questioned if the <br />policy of the City is to fund a survey for City owned property. <br />Economic Development Manager /Assistant City Administrator Brama stated that it is his <br />understanding that there is not a survey that has been done on this property. He confirmed that <br />the policy for City owned land does include a provision in which the City will provide a basic <br />survey of the land. <br />Member Williams questioned if the net proceed figure of $77,000 included the survey cost. <br />Economic Development Authority /February 5, 2015 <br />Page 4 of 7 <br />