Agenda - Council - 02/26/2024 - Laserfiche WebLink

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4.02: Consider Approval of Purchase Agreement Lot 2, Block 1, COR FOUR; (Portions may be closed to the public) Economic Development Manager Sullivan presented the staff report. Tim Eaton, Take 5, introduced himself and recognized that this is not a well-known concept in this market. He stated that the Take 5 business is the third largest oil change company in the country and identified how the business sets itself apart. He also presented a concept plan that they developed that would include this business with room for a 3,000 square foot restaurant/drive-thru concept. Economic Development Manager Sullivan noted the location of the building on the eastern side of the lot which would leave room for another user. Mr. Eaton stated that in conversations with staff there was discussion about the building location, whether the business should be on the east or west side of the lot. He noted that Take 5 is a skinnier concept which is why this location was chosen, but noted that they could swap those locations if desired. Economic Development Manager Sullivan commented that it would be challenging to figure out parking if there is a building on the east side. He noted that generally those types of details are worked out more with the Planning Commission but recognized that the business is flexible. He asked the business to speak about their potential timeline. Mr. Eaton commented that once they reach due diligence, they will attempt to gain all City approvals so they can move forward with construction within a week or two following closing. He stated that the Coon Rapids location was open 90 days after closing. He stated that if all approvals were granted, they would be open later this year in 2024. Chairperson Wiyninger asked if an oil change business in the COR would be the right location. Mr. Eaton commented that an oil change is a convenience item, and they attempt to locate with weekly needs businesses, so that it is convenient for the customer to get an oil change while running errands. He stated that this is a premium service, and they want it to feel like a better experience than the typical oil change. He commented that they work with higher finish buildings and want the business to look nice. He stated that they did look at other sites and typically they look at more established communities, but they recognize that Ramsey is growing, and they can grow with Ramsey. Economic Development Manager Sullivan continued his presentation with the Valvoline proposed site plan and the remainder of his staff report. Member Stewart asked for clarification on the net purchase price between the two offers. Economic Development Manager Sullivan replied that the information in the staff report is correct, noting that the difference in the purchase price is based off construction of the additional parking Economic Development Authority/ February 8, 2024 Page 2 of 4