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Mr. Johnson stated his wife, Kristen, will be the operator and seeing to the day to day operations. <br />Chairperson Steffen asked what the timeline would be in order to open the business. <br />Mr. Johnson stated it would take around a year or longer but they would like to open at least the <br />preschool area of the business by September 2017. <br />Member Riley asked how far along were they with the SBA loan process. <br />Mr. Johnson stated the SBA is looking over the numbers and the process as a whole because they <br />are a start up business. At this point, there is no doubt about the loan but they want to make sure <br />it gets through the finance stage. <br />Chairperson Steffen asked if they would be the first franchisee of the fathers' business. <br />Mrs. Johnson stated her father is working with 2 other businesses right now but because laws are <br />different in Minnesota than Florida it may not be a franchise but would be the same set up and <br />her father is willing to help as much as possible. <br />The Johnsons left the meeting. <br />Chairperson Steffen asked if the Board wanted to go into a closed session to discuss this item <br />further. <br />Economic Dev. Mgr/Assistant City Administrator Brama stated before they go into a closed <br />session he wanted to make sure during the closed session the Board discusses the asking price <br />and the Yolite Street cost share. All other items can be discussed at the open session. <br />Member Skaff asked if the sharing in the cost of the street included the entire portion of the street <br />and are they going to cover the cost of the frontage of the remnant parcel or just the frontage of <br />their property. <br />Economic Dev. Mgr/Assistant City Administrator Brama stated the cost that was provided was <br />for the entire street, both sides. The twenty percent contribution will be for the entire street. <br />Member Riley asked if the City Staff suggested this spot or did the Johnson's suggest it. He <br />thought it was a little weird putting it mid -block. <br />Economic Dev. Mgr/Assistant City Administrator Brama stated staff reviewed within the COR <br />five sites and this is the site they liked due to a combination of reasons. The site is nice with <br />infrastructure on both sides. The depth of the site is nice and rectangular. It is in the middle of <br />The COR which they liked. The Johnson's liked being as close as possible to the middle of the <br />urban COR with lots of apartments and there is good access and visibility as well. This is also <br />the cheapest site. He noted this property is zoned COR Two Retail. <br />Economic Development Authority/December 8, 2016 <br />Page 3 of 11 <br />