Minutes - Economic Development Authority - 11/14/2019

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Economic Development Manager Sullivan presented the staff report. Member Cords asked if there has been concern by the potential hotel buyer related to the site selection. Economic Development Manager Sullivan explained that the hotel developer does not prefer the corner site and therefore this would not impact that project. Acting Chairperson Riley explained that it is often difficult to plan for a development that has not officially come forward and may not eventually come forward but agreed that it is helpful to attempt to plan ahead. • Member Hardin stated that the City paid for fill to improve that lot at the cost of approximately $1 per square foot, which would make a $4 per square foot net at $3 per square foot. He asked if the purchase price is sufficient. Economic Development Manager Sullivan explained that the price for the Stonebrook site was $3.11 and fill was not placed on that site. He provided additional details on the price per square foot the City paid for the lot, with the fill and noted that the purchase price would cover that cost. Member Kuzma stated that he supports this project as this will sell another piece of City owned property and place it back on the tax rolls. Motion by Member Kuzma, seconded by Member Cords, to recommend to City Council to approve the Purchase Agreement for part of Outlot A, COR Stone Brook Academy, subject to City Attorney approval. Further discussion: Member Scott asked if there is any additional funding requested from the City for this project, such as TIF. Economic Development Manager Sullivan stated that in this case assistance has not been requested by the buyer. Acting Chairperson Riley agreed that this seems to be a good deal for the City to sell additional land and retain a Ramsey business. Motion carried. Voting Yes: Acting Chairperson Riley, Members Kuzma, Cords, and Hardin. Voting No: None. Absent: Chairperson Steffen and Member Burandt. 4.02: Consider Resolution #19-272 Approving Second Purchase Agreement for Lot 1, Block 1, Anderson Dahlen South Addition; Case of Knoll Properties LLC Economic Development Manager Sullivan presented the staff report. Acting Chairperson Riley asked if this would simply extend the current PA to January 31, 2020 Economic Development Manager Sullivan explained that as it stands currently the applicant is in default of the PA because a notice to proceed was not issued. He stated that this is a new PA which extends that term to January 31, 2020. He stated that the applicant has plans ready at this Economic Development Authority/November 14, 2019 Page 2 of 5