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Member MacLennan asked the reason the bank would be moving from its current location. <br />Mr. Vang replied that the current location is leased, and that lease is going to expire. He stated <br />that the bank would like to be in an owned location like all other branches. <br />Member Stewart stated that the bank is called COR as is the downtown Ramsey area. She asked <br />how people would differentiate that the bank does not have a relationship to the City. <br />Economic Development Manager Sullivan commented that it is quite unique to have a bank called <br />COR Trust in Ramsey. He noted that the decision would be 8e bank as to whether they are <br />comfortable with that. <br />Member MacLennan asked if the City is looking to change the name of the COR. <br />Economic Development Manager Sullivan replied that there have been some conversations about <br />rebranding, but there is no action in that process, and it would be an expensive endeavor. <br />AIL <br />Motion by Member Stewart, seconded by Member Johnson, to recommend to City Council to <br />approve the Purchase Agreement an• ' ight of Re -Entry Agreement for Purchase Agreement for <br />Part of Outlot C, Affinity at COR, o City Attorney review. <br />Further discussion: Member Riley commented that if the EDA had input on the price and terms <br />that could be discussed in closed session but did not presume that should be discussed as the price <br />is within the deal range and will also be discussed by the City Council. Chairperson Olson <br />confirmed that the EDA was not interested in pursuing that discussion and felt comfortable with <br />the price as presented. Economic Development Manager Sullivan stated that annually the EDA <br />works with CBRE and City Council to develop the deal range for staff to work within and this <br />price fits within that range, towards the top. <br />A roll <br />ote was pe <br />Member 1 aye <br />Member Rile ' aye <br />Chairperson Ols aye <br />Member Johnson aye <br />Member MacLennan aye <br />Member Stewart aye <br />Motion carried. <br />6. ADJOURNMENT <br />Motion by Member MacLennan, seconded by Member Johnson, to adjourn the meeting. <br />A roll call vote was performed: <br />Economic Development Authority/ August 11, 2022 <br />Page 2 of 3 <br />