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Economic Development Coordinator Sullivan explained part of the reason Ace will be paying <br />above market value for the property and is not asking for TIF assistance is that they will not be <br />required to build on the site immediately. He noted the letter submitted by Ace includes an <br />estimation of when build-out on the site is expected. <br /> <br />Member Schindel suggested a covenant be included in the purchase agreement that restricts Ace <br />from selling the parcel in the event they do not build on it. Economic Development Coordinator <br />Sullivan indicated a right-of-reverter giving the City the right to pumhase the land back could be <br />included in the purchase agreement. <br /> <br />Mr. Berkopec indicated he would be in agreement with this type of requirement if the land <br />remains undeveloped. However, if Ace were to develop the land and decide to sell it later, there <br />are profits that should be realized by Ace. <br /> <br />Economic Development Coordinator Sullivan indicated there will be time to work out the details, <br />as the cleanup on this site will not be completed until mid or late summer. <br /> <br />Member Elvig suggested language be included in the agreement that Ace will not require the <br />City to complete cleanup beyond what the City's Environmental Specialist has identified as <br />required on the site. <br /> <br />Motion by Member Elvig, seconded by Member Schindel, to recommend the sale of 14050 <br />Basalt Street NW to Ace Solid Waste as-is following the City's scheduled clean-up, with the <br />stipulation that Ace Solid Waste has 90 days to complete their own due diligence of the results of <br />clean-up on the property. <br /> <br />Motion carried. Voting Yes: Chairperson Riley, Members Elvig, Schindel, and Kiefer. Voting <br />No: None. Absent: Members LeToumeau, Steffen, and Strommen. <br /> <br />Case #3: Staff Update <br /> <br />The EDA reviewed the Staff Update. <br /> <br />Member Kiefer inquired about the Business Appreciation Day golf event. Economic <br />Development Consultant Sullivan replied there will be a discussion at the next meeting on <br />whether tO utilize.one or two golf courses for the event. He will be requesting a committee to <br />assist him with this event. <br /> <br />MEMBERINPUT <br /> <br />Member Schindel indicated he was approached about the availability of spots in the City by a <br />cabinetry shop that would like to locate in Ramsey. The size of the project would be <br />approximately 4,000 square feet. Member Elvig suggested the business look into multi-tenant <br />spaces in the City. He noted there are multi-tenant developments available on Highway 10. <br /> <br />Economic Development Authority/March 8, 2006 <br />Page 8 of 9 <br /> 8 <br /> <br /> <br />