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benefit the City by creating jobs and tax base. The EDA recommends this Case be discussed in <br />Closed Session to develop a counter offer strategy as it feels the standing offer of $1.31 per <br />square foot, or $55,000, is too low. <br />Asst. City Administrator/Economic Development Manager Brama asked Council direction on a <br />strategy for a counter offer. He noted that the net proceeds had been updated to reflect a lower <br />commission payment to the buyer and seller agents. <br />Derek West, 24 Restore, stated that he has grown up in Ramsey and is now raising his family in <br />Ramsey. He started his business in Blaine and moved it to Ramsey as it has grown, noting that <br />the business is continuing to grow and that is why the additional property is needed. He noted <br />that many of his employees also live in Ramsey. He explained that the reason for the lower price <br />is because of the cost of construction and the additional ponding that will be needed. He advised <br />that they are shrinking down the size of the project and cutting costs in order to make the project <br />viable. <br />Councilmember LeTourneau appreciated the comments made by Mr. West, recognizing that 24 <br />Restore has been a successful business that employs residents of Ramsey and is owned by a <br />Ramsey resident. He stated that the City has a lot to gain from the case. He recognized that it is <br />more challenging to retain a business than it is to bring in a new business and therefore there is a <br />balance needed. He stated that the increased employment base would have a ripple effect of <br />people that live and shop in Ramsey. He stated that the parcel is unique in the size and location <br />and has been identified as excess by the City. He appreciated the willingness of the business <br />owner to take on the challenges of this parcel. He referenced the difference between the original <br />price and what is now proposed, noting that the City would make that gap up in less than six <br />years through taxes and therefore he believed the price would be reasonable. He stated that the <br />Council set a price range for the parcel and questioned where this price would fall on that range. <br />Asst. City Administrator/Economic Development Manager Brama replied that generally the <br />price is on the lower end of the price range. <br />Councilmember LeTourneau stated that the goal of the pricing strategy is to return properties to <br />the tax base and find offers within the price range. He stated that he would be comfortable <br />entertaining the offer where it is. <br />Councilmember Riley recognized the benefits the City would receive and believed that it is <br />important that the Council maximize the return. <br />Asst. City Administrator/Economic Development Manager Brama advised under Minnesota <br />Statutes, Section 13D.05, Subd.3, the meeting can move into Closed Session to develop a <br />negotiation strategy for the sale of. 95 acres of City -owned land at 6590 141st Avenue NW in the <br />City's original business park. <br />Motion by Councilmember Kuzma, seconded by Councilmember Riley, to move to Closed <br />Session to discuss acquisition negotiations. <br />City Council / June 9, 2015 <br />Page 15 of 18 <br />