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Deputy City Administrator Gladhill noted that staff verified that Councilmember Musgrove is <br />the alternate Member of the EDA and will therefore be able to vote on the remainder of the <br />votes. <br /> <br />Member Musgrove asked if the City would lose the Right of Re-Entry if the developer were to <br />sell the land after purchasing it. <br /> <br />Economic Development Manager Sullivan stated that in the event that the developer sold the <br />land, the City would have the Right of Re-Entry as that document is filed as a lien against the <br />property. He noted that the agreement also specifies the proposed development that can occur, in <br />this case a hotel with restaurant component. <br /> <br />Chairperson Steffen asked the original closing date and the proposed closing date. <br /> <br />Economic Development Manager Sullivan noted that a date had not yet been set as that typically <br />occurs later in the Site Plan process. He anticipated that the closing could occur in mid to late <br />May with perhaps a June Site Plan review at the Planning Commission. <br /> <br />Motion by Chairperson Steffen, seconded by Member Riley, to recommend to City Council to <br />allow Ramsey Hotel Group, LLC to close on the property prior to Site Plan approval and <br />approve a Right of Re-Entry Agreement. <br /> <br />Further discussion: Member Cords asked if this has been presented to Cobblestone. Economic <br />Development Manager Sullivan confirmed that this request initiated from Cobblestone and the <br />developer and bank have seen the Right of Re-Entry Agreement as proposed and did not have <br />any comments. <br /> <br />A roll call vote was performed by the Deputy City Administrator: <br /> <br />Member Cords aye <br />Member Hardin aye <br />Member Riley aye <br />Member Musgrove aye <br />Member Burandt aye <br />Chairperson Steffen aye <br /> <br />Motion carried. <br /> <br />4.02: Consider Approval of Lease with Mille Lacs Motor Sports (Power Lodge) at 6701 <br />Hwy 10 NW <br /> <br />Economic Development Manager Sullivan presented the staff report. <br /> <br />Chairperson Steffen asked for details on the number of square feet and how the rent price was <br />agreed upon. <br /> <br />Economic Development Authority/ April 23, 2020 <br />Page 3 of 6 <br /> <br />