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Economic Dev. Mgr/Assistant City Administrator Brama replied that the road was historically <br /> aligned incorrectly. <br /> Member Riley asked, and received confirmation, that the purchase price includes the right-of- <br /> way. <br /> Member Williams stated that she would like to consider discussing the purchase price, as the <br /> development has a higher density than the other parcels and is on a major road. She believed <br /> that the City should carefully consider the purchase price. <br /> Economic Dev. Mgr/Assistant City Administrator Brama replied that the EDA can go into closed <br /> session to discuss the purchase price. He noted that the discussion can also occur in open session <br /> if the EDA is comfortable with that. He stated that this deal is on the bottom of the range and <br /> therefore the EDA could negotiate for a higher price. <br /> Chairperson Steffen stated that discussion could occur in open session. <br /> Member Williams stated that the 1.5 acres has a higher density, has more visibility and is closer <br /> to the major road than the section in the middle of the development. She explained that higher <br /> density equals higher prices for the developer. She believed that parcel is worth more than 1.5 <br /> acres in other areas. She stated that perhaps negotiation should occur on that parcel. She stated <br /> that it is not lost on her that the difference is not worth the effort of renegotiating when this <br /> supports a development that supports a lot of the goals of the community. She asked for the <br /> input of the EDA on whether that is the right price for the right project. <br /> Economic Dev. Mgr/Assistant City Administrator Brama replied that the property is listed at <br /> $40,000 per acre and the offer was at $25,000 per acre. He stated that the next step could be for <br /> staff to counter and ask for $5,000 to $10,000 more before this moves forward to the City <br /> Council. <br /> Chairperson Steffen asked if the road has to be realigned. <br /> Economic Dev. Mgr/Assistant City Administrator Brama confirmed that the Preliminary Plat has <br /> already been approved, and therefore the realignment of the road will occur. He confirmed that <br /> the realignment does allow approximately four additional lots to be built. <br /> Chairperson Steffen agreed that it would be justified to bring the counteroffer to Capstone for <br /> $5,000 to $10,000 more per acre. <br /> Motion by Member Skaff, seconded by Member Burandt, to recommend to City Council to adopt <br /> the purchase agreement between the City of Ramsey and Riverstone Development for roughly <br /> 1.9 acres of City owned land, and direct staff to counteroffer an additional $5,000 to $10,000 per <br /> acre for the sale price. <br /> Motion carried. Voting Yes: Chairperson Steffen, Members Skaff, Burandt, Hardin, Riley, and <br /> Williams. Voting No: None. Absent: Member Brunt. <br /> Economic Development Authority/July 13,2017 <br /> Page 6 of 9 <br />