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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 /> 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 /> 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 /> 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 /> Chairperson Steffen asked for details on the quasi-public pool amenity. <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 /> Chairperson Steffen asked if the land write down is a typical tool used by the hotel. <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 /> Chairperson Steffen asked if the rate of return figures stated by Ehlers meet the benchmarks of <br /> the developer. <br /> Mr. Wogernese confirmed that he worked with Mr. Aarsvold on those. <br /> Economic Development Authority/January 9,2020 <br /> Page 3 of 7 <br />