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Further discussion: Member Hardin stated that he is opposed to the CBRE commission. <br />Economic Dev. Mgr/Assistant City Administrator Brama stated that if there is strong consensus <br />that would be good to know prior to the Council review. He noted that another option would be <br />to reduce the payment to CBRE. City Administrator Ulrich stated that it would be helpful to <br />have input as to whether the EDA is opposed to the full commission or whether a lower <br />commission would be allowed. Member Hardin suggested amending the purchase agreement to <br />remove the commission for CBRE. Members Skaff and Burandt agreed that the commission <br />should not be paid. Member Hardin suggested amending the language in the purchase agreement <br />to remove paragraph 16. <br />Motion by Chairperson Steffen, seconded by Member Hardin, to amend the motion to <br />recommend to City Council to approve the purchase agreement between the City of Ramsey and <br />Sharp & Associates LLC for 9.33 acres of City owned land, removing paragraph 16. <br />Further discussion: Member Williams stated that this deal has a structure different from the <br />original purchase agreement. She was concerned that it would be more difficult to obtain funds <br />after the fact rather than refunding the funds. Economic Dev. Mgr/Assistant City Administrator <br />Brama provided additional details on the structures of the purchase agreements. Member Hardin <br />noted that these are two different deals and that is why the structure is different. Economic Dev. <br />Mgr/Assistant City Administrator Brama provided additional information on the letter of credit. <br />Community Development Director Gladhill stated that letters of credit are used frequently and <br />you can draw on them without approval from the developer. He did agree that there is some risk, <br />compared to having straight cash. He noted that every project that goes before the Planning <br />Commission has a letter of credit. He noted that in the mid-2000's there were several times the <br />City had to draw on letters of credit. Mr. Pankratz stated that there is a difference in what <br />Platinum was proposing compared to what Mr. Sharp is proposing. He noted that Platinum was <br />going to build two buildings, while Mr. Sharp is proposing to build the first building and then <br />future buildings as needed to meet client needs. He stated that the additional geotechnical <br />information also changes the deal. Chairperson Steffen asked when Mr. Sharp would begin <br />construction. Mr. Sharp stated that he would like to start construction this year but at the latest, <br />it would be spring 2018. <br />Motion carried. Voting Yes: Chairperson Steffen, Members Hardin, Burandt, Riley, and Skaff. <br />Voting No: Member Williams. Absent: Member Brunt. <br />4.03: PSD LLC Business Park: Approve MOU Related to New Internal Public Roadway <br />Economic Dev. Mgr/Assistant City Administrator Brama presented the staff report and reviewed <br />all three requests from PSD, which are split between three cases. <br />Chairperson Steffen stated that at the last meeting this was discussed and there was one building, <br />but now there are two buildings. He noted that the City cost requested was not changed. <br />Motion by Member Skaff, seconded by Member Burandt, to recommend to City Council to adopt <br />the Memorandum of Understanding (MOU), authorizing amount not to exceed $250,000 <br />Economic Development Authority/June 8, 2017 <br />Page 4 of 9 <br />