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industrial park so the end product for the City is a step or two higher in quality than what you <br />normally get through zoning regulations. They want to try to make sure they have quality <br />development going in and not being the landowners they do not have any control over that other <br />than the zoning regulations and those are guided by State law as well. <br />Chairperson Steffen asked if the covenant would be a legal document like the MOU but more <br />binding. <br />Mr. Mulrooney indicated it would be a legal document to any property owner or company going <br />in there and they would be living by the covenants; similar to an association covenant. <br />Chairperson Steffen thought the covenant idea was a good one and wondered at what phase that <br />would be brought forward or would that be part of the policy. <br />Economic Dev. Mgr/Assistant City Administrator Brama stated he would like to get this taken <br />care of before it goes to the City Council. He thought it was important to get it taken care of <br />upfront rather than after the fact. He noted they will take direction from the meeting to have <br />something ready for the City Council. <br />Member Riley asked if the current owners will act as the developer and sell off individual lots. <br />Economic Dev. Mgr/Assistant City Administrator Brama thought it would be the end user <br />coming to the City and acting as the developer for the development of the parcels of land. <br />Motion by Member Riley, seconded by Member Burandt, to recommend the City Council adopt <br />the following: <br />(1) Economic Development Policy for the City of Ramsey's Future Business Park <br />(2) Memorandum of Understanding Between the City of Ramsey, Hageman Holdings <br />LLC, and Pearson Properties LLC related to the City's Future Business Park. <br />And direct staff to pursue alternatives for restrictive covenant document. <br />Motion carried. Voting Yes: Chairperson Steffen, Members Riley, Burandt, Brunt, Hardin, <br />Skaff, and Williams. Voting No: None. Absent: None. <br />5. MEMBER / STAFF UPDATE <br />Economic Dev. Mgr/Assistant City Administrator Brama updated the Board on current City <br />prospects. <br />Chairperson Steffen asked if CBRE is working with any of the acquired prospects. <br />Economic Dev. Mgr/Assistant City Administrator Brama stated all of the senior projects have <br />been brought forward by CBRE. There is another prospect not identified on the list and he is not <br />at liberty to state the prospect but indicated it was a significant one that they are working with <br />now. <br />Economic Development Authority/March 3, 2016 <br />Page 4 of 6 <br />