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Member Johnson recalled that a previous meeting called this a boutique hotel. <br /> Ms. Allegra commented that the previous hotel concept by Cobblestone was considered a boutique, <br /> but that project did not move forward. She stated that based on their demand study they will be <br /> using a major flag and are working with Hilton and Marriot. <br /> Motion by Member Johnson, seconded by Member MacLennan, to recommend to City Council to <br /> enter into the Purchase Agreement with The Schiebout Family Limited Partnership, LLLP as <br /> presented, subject to City Attorney review. <br /> 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 /> 4.02: Consider Purchase Agreement for Part of Outlot C, Affinity at COR; Case of COR <br /> Trust Bank (Portions may be closed to the public) <br /> Economic Development Manager Sullivan presented the staff report. <br /> Kou Vang, applicant, stated that COR Trust Bank has been around since the 1920s and is located <br /> out of Sioux Falls, South Dakota. He stated that this location would replace a location a bit south <br /> of Ramsey. He stated that they are looking for a building and that the size is not yet fully set. He <br /> stated that the demographics and market studies push towards a larger building, estimating 3,000 <br /> to 5,000 square feet. He noted that they would be replicating the design and building materials of <br /> a recently completed bank in South Dakota, only with a larger footprint. <br /> Member Stewart recalled that there had been talk of a need for fill in that location and asked whose <br /> expense that would be. <br /> Economic Development Manager Sullivan replied that this area is south of parcel 46 and if there <br /> is dirt needed for the site, it would be minimal and at the expense of the developer. He stated that <br /> staff is currently working with Bolton and Menk to review the COR as a whole to develop a plan <br /> to prepare sites for development. <br /> 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 /> Economic Development Authority/August 11, 2022 <br /> Page 3 of 7 <br />