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3. APPROVE MINUTES <br /> <br />3.01: Approve Meeting Minutes Dated April 7, 2020 <br /> <br />Motion by Member Hardin, seconded by Member Cords, to approve the April 7, 2020, minutes <br />as presented. <br /> <br />A roll call vote was performed by the Deputy City Administrator: <br /> <br />Commissioner Hardin aye <br />Commissioner Cords aye <br />Commissioner Riley aye <br />Commissioner Burandt aye <br />Chairperson Steffen aye <br /> <br />Motion carried. <br /> <br />4. EDA BUSINESS <br /> <br />4.01: Consider Early Closing for Part of Outlot A, Stone Brook Academy to Ramsey <br />Hotel Group, LLC <br /> <br />Economic Development Manager Sullivan presented the staff report. <br /> <br />Member Cords asked if the City costs would be covered under the new agreement. <br /> <br />Economic Development Manager Sullivan confirmed that the Right of Re-Entry Agreement <br />covers that ability. <br /> <br />Chairperson Steffen asked if the City would have any risks allowing an early closing. <br /> <br />Economic Development Manager Sullivan noted that the developer would have control of the <br />land for a certain period of time. He stated that the strength of the Right of Re-Entry Agreement <br />is sufficient according to City Attorney and therefore does not feel there is a risk in being able to <br />get the land back. <br />Deputy City Administrator Gladhill explained that when a request meets the requirements of the <br />zoning district, a project can move forward when the party owns the land. He explained that the <br />City would have more control over adding additional requirements during review if the land was <br />not owned in advance by the Developer. <br />Economic Development Manager Sullivan provided additional details on a contingency of the <br />Right of Re-Entry Agreement related to the financing. <br />Economic Development Authority/ April 23, 2020 <br />Page 2 of 6 <br /> <br />