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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 $40,000 was 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 noted that the level of finish is handled through the <br /> planning process rather than the EDA. He stated that point has been mentioned by planning staff <br /> and there are plans to enhance that side of the building. <br /> Member Riley stated that he would like to hear from the developer. <br /> Member Johnson commented that this space is currently vacant and does not provide economic <br /> growth. She stated that this would be a use that would benefit the community and enhance the <br /> aesthetics. She stated that although the purchase price is a bit lower, it would enhance the tax base <br /> and residents have mentioned that they would love to have an Aldi because of their produce <br /> offerings and lower prices. <br /> Andrew Mack, Aldi, thanked staff for their cooperation throughout this process. He stated that <br /> they are excited for the opportunity to come to Ramsey as they believe that this is a great location <br /> for service that fills a gap in their current market offerings. <br /> Member Riley commented that he is excited for the project. <br /> Chairperson MacLennan stated that the renderings look great, and this would be a good addition <br /> to the COR. He asked if Aldi would anticipate to open the store this year. <br /> Mr. Mack commented that it 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 />