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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 />