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Member Stewart stated that the bank is called COR as is the downtown Ramsey area. She asked <br /> how people would differentiate that the bank does not have a relationship to the City. <br /> Economic Development Manager Sullivan commented that it is quite unique to have a bank called <br /> COR Trust in Ramsey. He noted that the decision would be of the bank as to whether they are <br /> comfortable with that. <br /> Member MacLennan asked if the City is looking to change the name of the COR. <br /> Economic Development Manager Sullivan replied that there have been some conversations about <br /> rebranding, but there is no action in that process, and it would be an expensive endeavor. <br /> Motion by Member Stewart, seconded by Member Johnson, to recommend to City Council to <br /> approve the Purchase Agreement and Right of Re-Entry Agreement for Purchase Agreement for <br /> Part of Outlot C, Affinity at COR, subject to City Attorney review. <br /> Further discussion: Member Riley commented that if the EDA had input on the price and terms <br /> that could be discussed in closed session but did not presume that should be discussed as the price <br /> is within the deal range and will also be discussed by the City Council. Chairperson Olson <br /> confirmed that the EDA was not interested in pursuing that discussion and felt comfortable with <br /> the price as presented. Economic Development Manager Sullivan stated that annually the EDA <br /> works with CBRE and City Council to develop the deal range for staff to work within and this <br /> price fits within that range, towards the top. <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 /> 4.03: Consider Amendment to Form of Right of Reentry Agreement for Lots 1 and 3,Block <br /> 1, Riverside West Rearrangement; Case of Reliable Holdings LLC (Portions may be <br /> closed to the public) <br /> Economic Development Manager Sullivan presented the staff report. <br /> Chairperson Olson asked if the developer is on board. <br /> Economic Development Manager Sullivan confirmed that this request came forward from the <br /> developer. <br /> Economic Development Authority/August 11, 2022 <br /> Page 4 of 7 <br />