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A roll call vote was performed: <br />Member Stewart aye <br />Member MacLennan aye <br />Member Johnson aye <br />Chairperson Olson aye <br />Member Riley aye <br />Member Howell aye <br />Motion carried. <br />4. EDA BUSINESS <br />4.01: Consider Purchase Agreement for Outlot A, Gigi Addition; Case of Schiebout Family <br />Limited Partnership (Portions may be closed to the public) <br />Economic Development Manager Sullivan presented the staff report. <br />Emily Allegra, applicant, provided an update on the work that they have done in the last three <br />months including the market demand study, market research and economic demand research. She <br />stated that they are waiting on a final report, but the data has been encouraging and therefore they <br />want to continue to pursue the project. She noted that the project costs are not yet known but they <br />believe an 80-unit hotel model could fit on the site. <br />Chairperson Olson commented that sounds encouraging. He asked if the hotel would have <br />conference facilities. <br />Ms. Allegra commented that based on the size of the lot it would be challenging to have larger <br />conference rooms. She stated that the models are just prototypes from one of the flags they have <br />been working with. She noted that they are still considering an extended stay hotel. <br />Economic Development Manager Sullivan identified the next steps, should a business assistance <br />application be submitted. He anticipated that financial analysis would demonstrate a need for <br />assistance based on the soft market and high building costs at this time. He stated that if the <br />business assistance application is submitted and that need for assistance is demonstrated, it would <br />be packaged into a TIF agreement. <br />Member Riley thanked Ms. Allegra for her family's continued investment into Ramsey. He <br />commented that this is exciting. He stated that while Ramsey would love to see a restaurant, this <br />would also be a great opportunity. <br />Ms. Allegra commented that it was a clear finding in their study that they do not recommend to <br />have a restaurant in the hotel, but they will offer a full hot breakfast. She stated that the hotel will <br />create a draw for more restaurants and an economic pull. She stated that once they are situated, <br />they will actively market to bring restaurants to Ramsey as well. <br />Economic Development Authority/ August 11, 2022 <br />Page 2 of 7 <br />