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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 />