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Brian Wogernese, Cobblestone Hotel, provided additional details on the Cobblestone Hotel <br />brand including hotels that some are owned and managed by the company and others that are <br />franchised. He stated that the proposed hotel in Ramsey would not be a franchised, Cobblestone <br />would remain the owner and operator. He noted that the restaurant component would be Wissota <br />Chophouse. <br />Chairperson Steffen asked why Ramsey was selected and what was special about this site. <br />Mr. Wogernese stated that his brand is not looking to enter into a market like Minneapolis. He <br />stated that Cobblestone is a smaller hotel, which serves as a mini full-service hotel. He noted <br />that this would provide an opportunity for people from out of town to stay in Ramsey when <br />visiting local businesses. He stated that they constructed this exact hotel five times already, so <br />with the exception of land/utilities/earth work they are confident in the construction costs. <br />Chairperson Steffen asked how the decision is made as to whether the company keeps the hotel <br />or franchises it. <br /> <br />Mr. Wogernese stated that as long as the restaurants are a component, Cobblestone remains a <br />controller of the site, even if they sell a majority of the shares. He stated that they currently have <br />five of the Wissota Chophouse restaurants. <br /> <br />Member Riley asked for additional description of the photographs provided and the restaurant <br />component, as the restaurant is a desired amenity in Ramsey. <br /> <br />Mr. Wogernese provided additional input on the ala cart steakhouse style restaurant which would <br />also have a shareables component. He stated that would allow a fine dining component but <br />would also service happy hour visitors with a patio and firepit. He stated that the restaurant <br />would only be open for dinner and the hotel would provide a complimentary breakfast to guests. <br /> <br />Chairperson Steffen asked for details on the quasi-public pool amenity. <br /> <br />Deputy City Administrator Gladhill stated that it would be an amenity of the hotel but would not <br />be for general public use. <br /> <br />Chairperson Steffen asked if the land write down is a typical tool used by the hotel. <br /> <br />Mr. Wogernese confirmed they have used that tool in the past. He stated that they are required to <br />bring 40 percent equity to the deal in order to obtain the desired financing and the land write- <br />down helps get them to that number. <br /> <br />Chairperson Steffen asked if the rate of return figures stated by Ehlers meet the benchmarks of <br />the developer. <br /> <br />Mr. Wogernese confirmed that he worked with Mr. Aarsvold on those. <br /> <br />Economic Development Authority/ January 9, 2020 <br />Page 3 of 7 <br /> <br />