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Deputy City Administrator Gladhill explained that the land sale would be $1 and then the actual <br /> land price would be captured and paid back to the City of Ramsey within nine to ten years <br /> through the TIF generated. <br /> Councilmember Musgrove referenced the contingencies on the term sheet and asked for <br /> additional details. <br /> Deputy City Administrator Gladhill stated that the developer has given an estimated acreage <br /> needed. He explained that staff is working with this applicant and another applicant to determine <br /> where the property line will fall and the exact acreage that will be obtained for this project. He <br /> stated that the details will occur prior to closing. <br /> Councilmember Musgrove asked where the TIF funds are distributed when provided to the City. <br /> Deputy City Administrator Gladhill stated that the City is still working on the payback of <br /> internal loans used to purchase The COR properties that the City owns. He explained that any <br /> land sale funds are therefore placed into the appropriate fund to payback those internal loans. He <br /> noted that once that original obligation is paid, the land sale funds would be allocated per the <br /> City's policy. He confirmed that staff could include additional details on the fund balances and <br /> allocation policy. <br /> Mayor LeTourneau explained how the deal ranges were setup to fulfill the City's obligations to <br /> The COR. <br /> Deputy City Administrator Gladhill confirmed that the deal ranges were set to first recover the <br /> cost for the land the City purchased and also for needed infrastructure within The COR. <br /> Brian Wogernese, Cobblestone Hotels, stated that he is present to address any questions the <br /> Council may have. <br /> Councilmember Kuzma asked for a brief overview of the Cobblestone brand. <br /> Mr. Wogernese stated that Cobblestone is a developer, builder, franchise owner, management <br /> company and restaurant owner. He stated that the Ramsey location would be corporately owned <br /> with the Wissota Chophouse restaurant. He explained that the restaurant is an ala carte <br /> steakhouse with a shareables menu and craft beers and wine selection. He stated that it has a <br /> high-end feel, but patrons can still get a good meal for $20 or$30. <br /> Councilmember Specht asked if the swimming pool would be available to the public for a fee. <br /> Mr. Wogernese stated that due to liability issues, insurance companies have made it difficult to <br /> do that. He noted therefore the pool would be for guest use. <br /> Councilmember Menth asked for an estimate on the cost for the room range. <br /> City Council/January 28,2020 <br /> Page 5 of 10 <br />