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Chairperson Steffen asked if all of this needed to be hammered out before the applicant can proceed <br /> with their project. <br /> Economic Dev. Mgr/Assistant City Administrator Brama stated there are multiple ways to handle <br /> this but staff wanted to secure the site before they hammered out the final details of that purchase <br /> agreement. He stated staff would like to come back next month with the proposed purchase <br /> agreement for board review and approval. <br /> Chairperson Steffen asked what the rationale was for the other sites to be four times the cost. <br /> Economic Dev. Mgr/Assistant City Administrator Brama stated as they went through the pricing <br /> strategy exercise with the City Council, CBRE was their main advisor and it was his understanding <br /> that the parcels that are located on the edge of the site near the County road are convenience retail <br /> sites and those are one of the highest retail sites per square foot on the market in suburban areas. <br /> Motion by Member Hardin, seconded by Member Burandt, to recommend to City Council that <br /> staff continue to explore Alternative A and negotiate the remaining details with the potential buyer <br /> and that the EDA suggests Yolite Street should be a private drive. <br /> Further discussion: Member Hardin thought staff could have Stone Brook price out what the <br /> construction costs would be to possibly construct the building with the option for a second story <br /> accessible at a later date. <br /> Member Riley asked for clarification on Alternative A in regards to Yolite Street and if it should <br /> be a private or public road. He felt it should be a private drive. <br /> Economic Dev. Mgr/Assistant City Administrator Brama asked for clarification if staff should <br /> negotiate price per square foot. The EDA supported this action. <br /> Motion carried. Voting Yes: Chairperson Steffen, Members Hardin, Burandt, Brunt and Riley. <br /> Voting No: Williams. Absent: Skaff. <br /> 4.02: Consider Request from Ramsey Business for Use of EDA Revolving Loan Fund <br /> Member Hardin indicated this applicant is a business customer of the bank he works for so he <br /> recused himself from discussion and voting. <br /> Economic Dev. Mgr/Assistant City Administrator Brama stated the EDA is asked to consider the <br /> request from Ramsey Business for use of EDA Revolving Loan Fund (RLF). This request is to <br /> allow for an exception and/or amendment to the EDA RLF Guidelines,related to minimum equity. <br /> Economic Dev. Mgr/Assistant City Administrator Brama stated American Print & Digital has a <br /> purchase agreement in place for the former "All-Brite Printing" building located between Do-All <br /> Printing and Lano Equipment on US Highway 10. This building is just less than 15,000 sf, and is <br /> set up ideally for their operations. This purchase will allow for an expansion of their business, <br /> placement of their new machine, and room for small future expansion. Additionally, in the short <br /> Economic Development Authority/January 12,2017 <br /> Page 5 of 8 <br />