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Chairperson Wiyninger referenced the options for funding before the EDA. He asked where the <br />remaining funding would come from if the EDA were to only recommend funding half of the <br />balance. <br />Economic Development Manager Sullivan commented that would be to determined. He stated <br />that initially the sign was fully funded through the EDA and therefore that could be done again. <br />Member Stewart commented that she could support 50 percent but would not want to fund more <br />than that from the EDA. She stated that she would also like to see more quotes. <br />Chairperson Wiyninger stated that he looks at the businesses that are there that have aligned their <br />businesses with Ramsey and this would be a way to show that the EDA recognizes that and <br />supports those businesses as well. <br />Economic Development Manager Sullivan commented that both landowners for the multi -tenant <br />spaces have recently reinvested into their properties to enhance that vision and therefore the sign <br />would show commitment to area as well. <br />Motion by Member Johnson, seconded by Member Howell, to allocate up to $21,500 from the <br />EDA Unencumbered Fund Balance for the construction of a monument sign at the NW corner of <br />Highway 47 and Bunker Lake Boulevard NW. (Note that the $4,500 in insurance money already <br />received would be allocated in addition to the $21,500) <br />Further discussion: Member Stewart commented that she does not agree that this would be the <br />best way to spend these funcsn order to support these businesses. She asked why the funding <br />would only come from one fund, rather than be split between the different funds. Economic <br />Development Manager commented that this is not a. dgeted expense and therefore these funds <br />would come from the unencumbered fund balance anb believed that within the budget the funds <br />would most likely be coded as marketing but ultimate would be decided by the Finance Director. <br />Ib <br />Motion carried. Voting Yes: Chairperson Wiyninger, Members Johnson, Howell, Lindahl, <br />MacLennan, and Riley. Voting No: Member Stewart. Absent: None. <br />Economic Development Authority/ December 14, 2023 <br />Page 3 of 3 <br />