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• <br /> Mayor LeTourneau stated that he believes that there are residents in Ramsey that like the <br /> community and would desire this type of housing product. He noted that this would also provide <br /> the opportunity for additional residents outside of Ramsey to come into the community. He stated <br /> that this would add to the diversity of the community and help to provide the demand of workforce <br /> needed by Ramsey businesses. <br /> Councilmember Musgrove stated that this is something within the Comprehensive Plan but also <br /> struggles with this product coming forward at this time. <br /> Mayor LeTourneau stated that Councilmember Musgrove is very aware of the economy and <br /> funding at the State level and asked Ms. Harris for additional clarification. <br /> Ms. Harris provided additional information on the funding request through the State. She stated <br /> that the funding the State uses for these dollars is a separation bond issuance and is not related to <br /> the State's deficit. She stated that the second portion of funding is allocated to the State through <br /> the Federal government in the form of tax credits and provided additional details on that process. <br /> Mr. Arthur stated that the Federal government is talking about enhancing these credits because of <br /> the stimulus that is provided and the jobs that the program creates. He noted that the State acts as <br /> a conduit for the credits. <br /> Councilmember Specht thanked Aeon for the tour of the existing facility. He stated that the <br /> Council has discussed this topic on multiple occasions and the consensus was that there has been <br /> a mass development of high density housing and that should be paused in order to allow other <br /> retail development to catch up. <br /> Mayor LeTourneau stated that it appears that the Council is split and there is not clear consensus <br /> on the direction this should move forward. <br /> Councilmember Musgrove asked what would occur if the funds are not received through the <br /> application process and the City issues the letter of intent. <br /> Deputy City Administrator Gladhill replied that the letter of intent would not approve the project, <br /> as there would be several steps ahead. He stated that he would like additional input from the <br /> developer as to what would happen if they were awarded funds and the City chose to go a different <br /> direction when the site plan review occurred. <br /> Mr. Arthur stated that the letter of intent does not provide any obligation in whether or not this <br /> moves forward. He noted that the letter would allow Aeon to answer the question of whether or <br /> not the funds would be available. He stated that he is confident that the preliminary planning <br /> related to the build out would result in a high-quality product. He commented that Aeon is a long- <br /> term owner and not a developer that sells their building three years after completion. He believed <br /> that residents would be proud to live in the building. <br /> Councilmember Musgrove asked for details on the site control mentioned in the staff report. <br /> City Council/June 9, 2020 <br /> • <br /> Page 15 of 17 <br />