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• The EDA did not move into closed session. The EDA did not feel price needed to be discussed. <br />• One EDA member did vote against the attached purchase agreement. Said EDA member is not opposed to the <br />project or the concept. They are simply opposed to the deal structure. They do not support two items. (1) they <br />are not comfortable using the proposed $150,000letter of credit to ensure performance on the 50,000 s.f. <br />speculative building. This EDA member would prefer the developer pay full price of land upfront (i.e. $2.00 <br />psf rather than $1.50 psf). Then, if the developer performs, they would be reimbursed the delta (much like the <br />previous deal structure with Platinum Properties). Staff noted the developer was opposed to this arrangement. <br />(2) this EDA member is also not comfortable with the second half of this 9.33 acre site development <br />occurring on a speculative basis. In other words, no performance guarantees are built into this agreement. <br />Action: <br />Motion to: <br />[Approve/ deny/ amend] the attached purchase agreement between the City of Ramsey and Maple Investments LLC <br />for 9.33 Acres of City -owned land. <br />Attachments <br />Maple Investments PA <br />Ref Map <br />Site Concept and Renderings <br />060817 Draft EDA Minutes <br />Form Review <br />Inbox Reviewed By Date <br />Kurt Ulrich Kurt Ulrich 06/08/2017 03:42 PM <br />Form Started By: Patrick Brama Started On: 06/06/2017 11:06 AM <br />Final Approval Date: 06/08/2017 <br />