Minutes - Economic Development Authority - 12/14/2023

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the City sign guidelines to create cohesive branding throughout the community. He believed that this would be an appropriate use of fund balance as well. He commented that while the cost of signage is always a shock, this will be built right to last with little ongoing maintenance costs. Member Johnson asked if only one bid was received. Economic Development Manager Sullivan commented that this falls under the threshold for bidding, but the City did make its best attempt to receive multiple quotes and therefore proceeding with the one quote would be acceptable. Chairperson Wiyninger referenced the options for funding before the EDA. He asked where the remaining funding would come from if the EDA were to only recommend funding half of the balance. Economic Development Manager Sullivan commented that would need to be determined. He stated that initially the sign was fully funded through the EDA and therefore that could be done again. Member Stewart commented that she could support 50 percent but would not want to fund more than that from the EDA. She stated that she would also like to see more quotes. Chairperson Wiyninger stated that he looks at the businesses that are there that have aligned their businesses with Ramsey and this would be a way to show that the EDA recognizes that and supports those businesses as well. Economic Development Manager Sullivan commented that both landowners for the multi -tenant spaces have recently reinvested into their properties to enhance that vision and therefore the sign would show commitment to the area as well. Motion by Member Johnson, seconded by Member Howell, to allocate up to $21,500 from the EDA Unencumbered Fund Balance for the construction of a monument sign at the NW corner of Highway 47 and Bunker Lake Boulevard NW. (Note that the $4,500 in insurance money already received would be allocated in addition to the $21,500) Further discussion: Member Stewart commented that she does not agree that this would be the best way to spend these funds in order to support these businesses. She asked why the money would only come from one fund, rather than be split between the different funding sources. Economic Development Manager commented that this is not a budgeted expense and therefore the $21,500 would come from the unencumbered fund balance and believed that within the budget the funds would most likely be coded as marketing but ultimately would be decided by the Finance Director. Motion carried. Voting Yes: Chairperson Wiyninger, Members Johnson, Howell, Lindahl, MacLennan, and Riley. Voting No: Member Stewart. Absent: None. 5. MEMBER / STAFF UPDATE Economic Development Authority/ December 14, 2023 Page 4 of 6