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Economic Development Coordinator Sullivan explained part of the reason Ace will be paying <br /> above market value for the property and is not asking for TIF assistance is that they will not be <br /> required to build on the site immediately. He noted the letter submitted by Ace includes an <br /> estimation of when build-out on the site is expected. <br /> Member Schindel suggested a covenant be included in the purchase agreement that restricts Ace <br /> from selling the parcel in the event they do not build on it. Economic Development Coordinator <br /> Sullivan indicated a right-of-reverter giving the City the right to purchase the land back could be <br /> included in the purchase agreement. <br /> Mr. Berkopec indicated he would be in agreement with this type of requirement if the land <br /> remains undeveloped. However, if Ace were to develop the land and decide to sell it later, there <br /> are profits that should be realized by Ace. <br /> Economic Development Coordinator Sullivan indicated there will be time to work out the details, <br /> as the cleanup on this site will not be completed until mid or late summer. <br /> Member Elvig suggested language be included in the agreement that Ace will not require the <br /> City to complete cleanup beyond what the City's Environmental Specialist has identified as <br /> required on the site. <br /> Motion by Member Elvig, seconded by Member Schindel, to recommend the sale of 14050 <br /> Basalt Street NW to Ace Solid Waste as-is following the City's scheduled clean-up, with the <br /> stipulation that Ace Solid Waste has 90 days to complete their own due diligence of the results of <br /> clean-up on the property. <br /> Motion carried. Voting Yes: Chairperson Riley, Members Elvig, Schindel, and Kiefer. Voting <br /> No: None. Absent: Members LeTourneau, Steffen, and Strommen. <br /> Case#3: Staff Update <br /> The EDA reviewed the Staff Update. <br /> Member Kiefer inquired about the Business Appreciation Day golf event. Economic <br /> Development Consultant Sullivan replied there will be a discussion at the next meeting on <br /> whether to utilize.one or two golf courses for the event. He will be requesting a committee to <br /> assist him with this event. <br /> MEMBER INPUT <br /> Member Schindel indicated he was approached about the availability of spots in the City by a <br /> cabinetry shop that would like to locate in Ramsey. The size of the project would be <br /> approximately 4,000 square feet. Member Elvig suggested the business look into multi-tenant <br /> spaces in the City. He noted there are multi-tenant developments available on Highway 10. <br /> Economic Development Authority/March 8,2006 <br /> Page 8 of 9 <br />