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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 />