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4. EDA BUSINESS <br />4.01: Consider Approval of Amended and Restated Right of Re -Entry Agreement: Stories <br />Foundation <br />Economic Development Manager Sullivan presented the staff report. <br />Member Olson asked what is involved in the site plan process, whether that needs to be redone or <br />simply verify what has already been done. <br />Economic Development Manager Sullivan replied that site plan approval is good for one year and <br />if a proj ect does not move forward, it would start over. He noted that much of the same information <br />could be resubmitted. He stated that there were many contingencies in the first approval, so staff <br />has been working with the applicant to address those prior to resubmission. <br />Stephanie Page, Stories Foundation, commented that they signed the purchase agreement at the <br />end of 2020 and closed at the end of 2021. She stated that the bank funding that was secured <br />decided to change the percentage they would need to have on hand from 20 percent to 80 percent, <br />therefore they had to start that process of finding a bank over again. She stated that it is taking <br />more time to raise additional funds to gain the bank financing, noting that they have many <br />fundraising events and focused efforts this year. <br />Acting Chairperson Stewart asked the likelihood that they would be able to work through the <br />contingencies. <br />Ms. Page replied that she has been working with her general contractor to address those items. <br />She commented that this project is important to her organization and the community, and they are <br />committed to Ramsey. <br />Member Riley asked if the City has had other interest in this property. <br />Economic Development Manager Sullivan replied that there have not been any other inquiries on <br />the parcel but noted that it is not listed. He commented that the City has other available land within <br />The COR should other users have interest. <br />Motion by Member Johnson, seconded by Member Riley to recommend to City Council to approve <br />the Amended and Restated Right of Re -Entry Agreement with contingencies (Site Plan Approval, <br />Development Agreement Approval, Final Plat Approval) as presented; subject to City Attorney <br />review. <br />Motion carried. Voting Yes: Acting Chairperson Stewart, Members Johnson, Olson and Riley. <br />Voting No: None. Absent: Chairperson Wiyninger and Members Howell, Lindahl, and <br />MacLennan. <br />Economic Development Authority/ June 8, 2023 <br />Page 2 of 4 <br />