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Member Riley commented that he is glad to see a business being retained in Ramsey. He also <br />wanted to ensure the City is being protected while being flexible and was comfortable because of <br />the review by the City Attorney. <br />Member Stewart commented that she is glad to see this project on the other side of Highway 10 as <br />she would not be open to this on the COR side. <br />Chairperson Olson commented that he believes this will be great. <br />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 />4.04 : Recommend 2023 EDA Budget and Levy <br />Economic Development Manager Sullivan presented the staff report. <br />Chairperson Olson stated that in looking at the history there was a large expense in 2020 and asked <br />for additional details. <br />Economic Development Manager Sullivan replied that was related to a financing package for site <br />improvements for a PSD project (Adrenaline). He stated that the EDA used its fund balance to <br />provide assistance and that the payment was a reimbursement for site improvement costs. <br />Member MacLennan referenced the professional fees noted and asked for more details. <br />Economic Development Authority/ August 11, 2022 <br />Page 5 of 7 <br />