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Member MacLennan asked for details on the purchase price. <br />Economic Development Manager Sullivan explained that the City works with CBRE to evaluate <br />the value of properties. He noted that the Highway 10 access is gone and that does impact the <br />price of land. He stated that the City has had a hard time getting this site developed and this will <br />be a massive improvement from the adult bookstore that previously existed on the site years ago. <br />Member MacLennan commented that he believes it will be good to retain this business in Ramsey. <br />Motion by Member Johnson, seconded by Member MacLennan to recommend to City Council to <br />approve the Amended form of Right of Reentry Agreement for Lots 1 and 3, Block 1, Riverside <br />West Rearrangement, subject to City Attorney review. <br />A roll call vote was performed: <br />Member Howell aye <br />Member Riley aye <br />Chairperson Olson aye <br />Member Johnson aye <br />Member MacLennan aye <br />Member Stewart aye <br />Motion carried. <br />6. ADJOURNMENT <br />Motion by ► ember MacLennan, seconded by Member Johnson, to adjourn the meeting. <br />v <br />A roll ote was pe ed: <br />Member t aye <br />Member Mac an aye <br />Member Johnso aye <br />Chairperson Olson' aye <br />Member Riley aye <br />Member Howell aye <br />Motion carried. <br />The regular meeting of the Economic Development Authority adjourned at 8:25 a.m. <br />Respectfully submitted, <br />Economic Development Authority/ August 11, 2022 <br />Page 2 of 3 <br />