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requirement for i ob creation on the site. Staff does estimate that the project will be valued over 2 Million dollars <br />which would generate over $60,000 on property taxes annually. Currently, due to the tax-exempt status, the <br />property currently does not generate any property taxes. A representative form Aldi shared that the store will <br />likely employ 10-20 people which would provide job opportunities for Ramsey residents. Facilitating new tax <br />base and job creation are key elements to the function of the EDA and are consistent with the Strategic Plan <br />adopted by the City Council. <br />Alternatives: <br />1. Adopt Resolution #23-044 Approving Purchase Agreement for a Portion of Lot 1, Lot 2 and Lot 3, <br />Block 1, COR TWO; Case of ALDI (as presented) Subject to City Attorney Review (Staff/EDA <br />recommendation) <br />2. Adopt Resolution #23-044 Approving Purchase Agreement for a Portion of Lot 1, Lot 2 and Lot 3, <br />Block 1, COR TWO; Case of ALDI (with changes) Subject to City Attorney Review. <br />3. Something else. <br />Funding Source: <br />This case is being handled as part of normal Staff duties. <br />Recommendation: <br />The EDA met on February 9, 2023 and unanimously passed a motion approving a recommendation to the City <br />Council to approve the attached Purchase Agreement, Use Restriction and Right of Re -Entry Agreement as <br />presented, subject to City Attorney review. <br />As noted above. Planning Commission has yet to review this site concept, so this will be handled during the site <br />plan application process and is subject to change. <br />Action: <br />Motion to Adopt Resolution #23-044 Approving Purchase Agreement for a Portion of Lot 1, Lot 2 and <br />Lot 3, Block 1, COR TWO; Case of ALDI (as presented) Subject to City Attorney Review <br />Attachments <br />Site Location Map <br />ACTION - Resolution #23-044 <br />ACTION - Purchase Agreement RORE Agreement and Use Restrictions <br />Reference - Proposed Term Sheet <br />Reference - LOI September 2022 <br />Concept Building Elevations <br />Clean Concept Plan <br />Form Review <br />Inbox Reviewed By Date <br />Sean Sullivan (Originator) Sean Sullivan 02/09/2023 11:34 AM <br />Brian Hagen Brian Hagen 02/09/2023 12:56 PM <br />Form Started By: Sean Sullivan Started On: 02/09/2023 07:07 AM <br />Final Approval Date: 02/09/2023 <br />