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Member Riley stated that on the past few TIF deals the City received payment from the <br />development and then released funds back to the developer over time, whereas this would seem <br />to be the reverse. <br /> <br />Economic Development Manager Sullivan confirmed that some of the past projects issued a TIF <br />note to the developer, where the developer obtains payment over time. In the proposed deal with <br />Cobblestone, the City would in effect receive a note in the form of a TIF Agreement which <br />would allow the city to receive full payment for the land over time. He estimated that it would <br />take 9-10 years of tax increment revenue to pay for the land. A Minimum Assessment <br />Agreement would be executed as part of the TIF agreement assuring a minimum value to have a <br />controlled revenue stream. <br />Member Cords stated that the City already owns this land and therefore there would not be a cost <br />to the City, the City would just receive payment for the land over time. <br /> <br />Economic Development Manager Sullivan confirmed that the City already made the purchase of <br />the land in 2009 and therefore no additional funds would be spent on the land. <br /> <br />Chairperson Steffen stated that he likes the project as there has been a desire for this type of hotel <br />and restaurant product within The COR. <br /> <br />Member Kuzma stated that the location next to the train station will also be convenient for <br />customers of the hotel. <br /> <br />Member Burandt stated that this meets the goals of selling land, adding lodging and bringing a <br />restaurant to The COR. <br /> <br />Motion by Member Brandt, seconded by Member Kuzma, to recommend to City Council to <br />approve the Purchase Agreement and Preliminary TIF Agreement Structure for part of Outlot A, <br />COR Stone Brook Academy, subject to City Attorney approval as to legal form. <br /> <br />Further discussion: Member Riley echoed the comments that this project meets multiple goals of <br />the City. Member Cords stated that he also likes the idea and the addition to The COR. He <br />asked the projected timeline for breaking ground. Economic Development Manager Sullivan <br />stated that in discussions with the developer, they would anticipate breaking ground in 2020, <br />perhaps in June or July. Mr. Wogernese estimated a ten-month construction period once they <br />break ground. <br /> <br />Motion carried. Voting Yes: Chairperson Steffen, Members Burandt, Kuzma, Cords, and Riley. <br />Voting No: None. Absent: Member Hardin. <br /> <br />4.02: Authorize 2020 Annual Ramsey EDA Business Expo Budget <br /> <br />Economic Development Manager Sullivan presented the staff report. <br /> <br />Economic Development Authority/ January 9, 2020 <br />Page 4 of 7 <br /> <br />