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Economic Development Manager Sullivan replied that price was $12 per square foot, about ten <br /> years ago and noted that McDonalds was unable to deliver the project. He stated that the City also <br /> worked with a previous developer at$8 per square foot and that developer also could not make the <br /> numbers work to bring forward development. He believed that this is a good price and the best <br /> that could be negotiated. <br /> Chairperson MacLennan noted that the previous developer also contributed funds that the City <br /> kept and asked the total contributed by that developer. <br /> Economic Development Manager Sullivan replied that $40,O0,Aiyas contributed by the previous <br /> developer through that right of re-entry and extensions. <br /> Member Wiyninger commented that the elevations from the north and west look great but noted <br /> that the side facing the COR would seem to be a blank building wall and asked if additional <br /> consideration would be given to the placement of the building and side:facing that direction. <br /> Economic Development Manager Sullivan n hat the level of finis is handled through the <br /> planning process rather than the EDA. He state th*nheen mentioned by planning staff <br /> and there are plans to enhance that si of the build <br /> Member Riley stated that he would li ear fromer. <br /> Member Johnson commented that this s is currently vacant and does not provide economic <br /> growth. She stated that this would be a u I that would benefit the community and enhance the <br /> aesthetics. She stated that although the purchase price is a bit er, it would enhance the tax base <br /> and residents have mentioned that they would love to have n Aldi because of their produce <br /> offerings and lower prices. IV <br /> Andrew :ack, Aldi, thanked staff for their cooperation throughout this process. He stated that <br /> they a excited for the opportunity to come to-Ramsey as they believe that this is a great location <br /> for service at fills a gap in their curre market offerings. <br /> Member Rile mented that he is exci ed for the project. <br /> Chairperson MacL nan stated that the renderings look great, and this would be a good addition <br /> to the COR. He aske Aldi wouldanticipate to open the store this year. <br /> Mr. Mack commented thatlo would be challenging to open the store this year and would more <br /> likely start construction in the summer or fall and open in the first quarter of 2024. <br /> Chairperson MacLennan asked how many jobs would be estimated for the store. <br /> Mr. Mack commented that he is unsure but generally there are about 10 to 20 employees at a store. <br /> Chairperson MacLennan asked the hours of operation. <br /> Economic Development Authority/February 9. 2023 <br /> Page 4 of 9 <br />