Agenda - Economic Development Authority - 03/14/2024

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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 stalls. He noted that the Valvoline price to construct the parking was slightly less than the Take 5 parking construction costs. He stated that the Take 5 concept provides a connection between the developments, whereas the Valvoline plan does not provide that connection. He commented that Take 5 has been very responsive to staff while it has been more difficult to get information from Valvoline but anticipated that if Valvoline was asked to provide that same connection, that cost would increase as well. Commissioner MacLennan referenced the remnant space that would be left and asked if there would be an agreement for the party to construct the other business within a certain length of time. He also asked what type of business would be anticipated. Economic Development Manager Sullivan replied that the concept proposed a restaurant/drive- thru business, but it could also be a multi -tenant retail space. He stated that there would not be a requirement to build upon that part of the land, but the business would be purchasing the property at asking price and therefore there would be incentive for the business to develop that parcel. Economic Development Authority/ February 8, 2024 Page 5 of 9