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Ms. Allegra replied that the demand study would confirm additional details. She stated that they <br /> are suggesting a mid to high scale hotel, providing examples. She stated that they would also like <br /> to be able to accommodate extended stay and family stays with suites and a pool. <br /> Chairperson Olson asked for clarification on the action before the EDA today. <br /> Economic Development Manager Sullivan replied if there is consensus that the EDA is willing to <br /> consider a land cost write down, that would be good for the developer to hear. He confirmed that <br /> additional work would be done at a later time to support the land cost a potential write down. <br /> //// ;,. <br /> Motion by Member Johnson, seconded by Member Wiyninger "ommend to City Council to <br /> enter into the LOI with The Schiebout Family Limited Partner ; as presented, subject to <br /> City Attorney review. <br /> Further discussion: Member Riley commented that hpports this action, that this would <br /> be a three month hold on the land while the study ring completed. He stat � tl� idea of a <br /> land cost write down was similarly discussed thr ago an a, he wo11 <br /> lso support <br /> the idea of that. He noted that the related work wou � �e��� ��e at a later ate. Member <br /> j <br /> MacLennan commented that the potential sports dome co ' lso bring in clients to a hotel. Ms. <br /> Allegra confirmed that they have been ,l rtd to that pote lit- hich is why they are included <br /> features attractive to families in their discu Member Ste ked if the City would receive <br /> a copy of the study. Ms. Allegra stated tha if 41m ove forward; ' would provide a copy to <br /> the City,but if they pull back from the proj ecfahey fie to ke the study private. Economic <br /> Development Manager Sullivan replied that i0 is irri "i that the City would be able to <br /> P g P j 1�d// y <br /> keep the study regardles ! o ld require the gas part of,�is process. He stated that there is <br /> other interest in the s , `and ty �ly the City Would require earnest money that would not be <br /> returned in order to e site %confirmed th�,he would want that included in the agreement <br /> i �� <br /> and noted that would be zed to the City �e ncil review. He noted that if the language <br /> r <br /> is not included item wil t ;� „ e City Council. <br /> A roll c 110vote wasp o' ed: <br /> Member .,son aye % <br /> Member " <br /> nan aye <br /> Member Stew 1/ aye <br /> Chairperson Olso j/aye <br /> Member Wiyninger !� '!!���� <br /> Member Riley <br /> Member Howell aye <br /> Motion carried. <br /> 4.04: 2022 Business Appreciation Day Event Planning <br /> Economic Development Manager Sullivan presented the staff report. <br /> Economic Development Authority/April 14, 2022 <br /> Page 5 of 7 <br />