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<br />A roll call vote was performed: <br /> <br />Member Heineman aye <br />Member Cords aye <br />Member Riley aye <br />Member Kuzma aye <br />Member Hardin aye <br />Chairperson Steffen aye <br /> <br />Motion carried. <br /> <br />4. EDA BUSINESS <br /> <br />4.01: Consider Third Amendment to Purchase Agreement with Ramsey Hotel Group LLC <br /> <br />Economic Development Manager Sullivan presented the staff report. <br /> <br />Member Cords asked if the developer is still generally interested in building or whether this is just <br />treading water. <br /> <br />Economic Development Manager Sullivan replied that the developer is interested and frustrated <br />with the COVID challenges. He stated that the developer is therefore requesting an extension <br />rather than letting the PA terminate. <br /> <br />Deputy City Administrator Gladhill noted that the developer put great expense into plan <br />preparation, so there have been funds invested in this process. He stated that although the PA is <br />unique, the developer has invested funds in the process. <br /> <br />Chairperson Steffen asked if the developer could build tomorrow, if the COVID challenges were <br />to disappear. <br /> <br />Deputy City Administrator Gladhill stated that the developer did receive approval of the Site Plan <br />through the Planning Commission and City Council but has not yet applied for a building permit, <br />so construction could not begin that quickly. <br /> <br />Member Riley stated that consistent with what has been done in the past with these types of <br />requests, he would like the City to have some consideration, as this land is being held off the <br />market. He suggested that a non-refundable cash payment from the developer be provided to the <br />City for this extension. <br /> <br />Chairperson Steffen asked the amount of earnest money put down currently that would not be <br />refundable. <br /> <br />Economic Development Authority/ August 13, 2020 <br />Page 2 of 7 <br /> <br />