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4.01: Stone Brook Academy Purchase Agreement for 1-acre of City-Owned Land located <br /> within The COR <br /> Economic Dev. Mgr/Assistant City Administrator Brama stated the EDA requested feedback from <br /> staff on various items related to Stone Brook's desired site location, Outlot B (Site #1), to review <br /> feedback from Stone Brook on other site location options and to review feedback from Planning <br /> Commission on the eight potential site locations/proposed use. He noted the desired outcome of <br /> this case for Stone Brook, is direction on what site location they can move forward with. Stone <br /> Brook still strongly desires Outlot B, their original proposed location. Stone Brook is hoping to <br /> get clear direction from the City as they want to enter into a purchase agreement and begin the <br /> entitlement process as soon as possible. They are hoping to have a project completed in 2017. <br /> Economic Dev.Mgr/Assistant City Administrator Brama presented the staff report and stated there <br /> are three alternatives staff has determined in regards to Stone Brook. <br /> Alternative A - The City is comfortable with Stone Brook's originally proposed location, Outlot <br /> B, Site #1. Stone Brook needs direction on whether or not Yolite Street is required public road <br /> connection, or if a private stub road is sufficient. Also, an agreed upon price per square foot is <br /> desired. <br /> Alternative B - The City is not comfortable with Stone Brook's originally proposed location, <br /> Outlot B, Site #1. The City is interested in helping with funding the financial gap on other sites <br /> via a formal business subsidy. Stone Brook is asking the City to address their questions/issues on <br /> other sites (mainly pricing). Likely,the gap in costs, from Site #1 to other sites would range from <br /> $335,000-$531,000. Stone Brook will only locate on another site if the City is telling them no to <br /> Site #1. <br /> Alternative C — The City is not comfortable with Stone Brook's originally proposed location, <br /> Outlot B, Site#1. The City is not interested in helping out with funding the financial gap on other <br /> sites via a formal business subsidy. The City still remains interested in selling City owned land to <br /> Stone Brook. Stone Brook may need to reconsider their approach/expectations for this project <br /> altogether. If this alternative is selected, staff would recommend the EDA provide Stone Brook <br /> with as much feedback as possible, so they can understand and consider their options moving <br /> forward. <br /> Chairperson Steffen asked what staff determined was the best solution for Yolite Street. <br /> Economic Dev. Mgr/Assistant City Administrator Brama stated Yolite Street is the `would be' <br /> connection and is a public road that was planned via the City's first master plan for Ramsey Town <br /> Center. It is not called for in the City's current plan for The COR. The street is defined by previous <br /> construction projects and land transactions and at this point in time there is an intersection on the <br /> north side of the site at Sunwood Drive where Yolite Street would enter and there is a cut out on <br /> the south side. There is also a stormwater line that runs through what would be Yolite Street which <br /> would prevent any buildings being set over the top of that stormwater line. He stated from a public <br /> safety perspective staff is recommending that this connection be made. <br /> Economic Development Authority/January 12, 2017 <br /> Page 2 of 8 <br />