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Economic Dev. Mgr/Assistant City Administrator Brama replied that the road was historically aligned incorrectly. Member Riley asked, and received confirmation, that the purchase price includes the right-of- way. Member Williams stated that she would like to consider discussing the purchase price, as the development has a higher density than the other parcels and is on a major road. She believed that the City should carefully consider the purchase price. Economic Dev. Mgr/Assistant City Administrator Brama replied that the EDA can go into closed session to discuss the purchase price. He noted that the discussion can also occur in open session if the EDA is comfortable with that. He stated that this deal is on the bottom of the range and therefore the EDA could negotiate for a higher price. Chairperson Steffen stated that discussion could occur in open session. Member Williams stated that the 1.5 acres has a higher density, has more visibility and is closer to the major road than the section in the middle of the development. She explained that higher density equals higher prices for the developer. She believed that parcel is worth more than 1 5 acres in other areas. She stated that perhaps negotiation should occur on that parcel. She stated that it is not lost on her that the difference is not worth the effort of renegotiating when this supports a development that supports a lot of the goals of the community. She asked for the input of the EDA on whether that is the right price for the right project. Economic Dev. Mgr/Assistant City Administrator Brama replied that the property is listed at $40,000 per acre and the offer was at $25,000 per acre. He stated that the next step could be for staff to counter and ask for $5,000 to $10,000 more before this moves forward to the City Council. Chairperson Steffen asked if the road has to be realigned. Economic Dev. Mgr/Assistant City Administrator Brama confirmed that the Preliminary Plat has already been approved, and therefore the realignment of the road will occur. He confirmed that the realignment does allow approximately four additional lots to be built. Chairperson Steffen agreed that it would be justified to bring the counteroffer to Capstone for $5,000 to $10,000 more per acre. Motion by Member Skaff, seconded by Member Burandt, to recommend to City Council to adopt the purchase agreement between the City of Ramsey and Riverstone Development for roughly 1.9 acres of City owned land, and direct staff to counteroffer an additional $5,000 to $10,000 per acre for the sale price. Motion carried. Voting Yes: Chairperson Steffen, Members Skaff, Burandt, Hardin, Riley, and Williams. Voting No: None. Absent: Member Brunt. Economic Development Authority/July 13, 2017 Page 6 of 9