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Member Karpen asked the projected opening date if all approvals have been gained. <br />Mr. Asta estimated that if all approvals are gained, they would plan to open three years from today. <br />He believed that timeline would provide sufficient buffers, so it could open earlier than that date. <br />Member Stewart asked the vacancy rate on the other properties they manage and operate. <br />Mr. Asta explained that about 50 percent of their projects are affordable housing projects, which <br />is different than market rate, amenity rich rental project proposed fo ' amsey. He stated that <br />generally they have 92 percent occupancy but recognized there are . . •ables. <br />Member MacLennan referenced the retail space and asked if . een done in other Roers <br />buildings, and if so the type of businesses that typically go in <br />Mr. Asta replied that it is very typical for them to ha <br />explained that the user ranges, noting a current pr <br />that the market varies based on location and the r <br />plan for active uses that the residents will enjoy as a <br />would be located in the southwest corner. <br />Member Karpen asked the type of parkin <br />Economic Development Manager Sullivan <br />than enough parking for the site between the <br />most likely be some stalls marked for retail use <br />hotel next door and pa .ns of the building may <br />Motion by Member Ma <br />approval of Pur s . se Agre <br />Attorney re <br />Motion carried. Voting <br />Stewart. Voting No: None. <br />5. MEM " ' / STAFF ' DATE <br />o 10,000 sq d e feet of retail and <br />a bank and restaur t. He stated <br />terested in. He n d that they <br />stated that the retail space <br />ould be availa► •r th- retail space. <br />the pr• .osed site plan includes more <br />round parking and there would <br />ng certai r ours. He stated that there is also a <br />lk over to the retail space. <br />er Karpen, to recommend City Council <br />ntry Agreement as presented; subject to City <br />iyninger, Members MacLennan, Karpen, Riley, and <br />embers Johnson and Lindahl. <br />Economic Develop anager Sullivan commented on the success of the recently held <br />Business Expo, notin: e positive feedback he has received from vendors. He also provided a <br />brief update on deve +pment projects within the City pipeline, as well as the interest he has <br />received for additional investment in Ramsey. He believed the June EDA meeting would likely <br />be canceled. <br />Chairperson Wiyninger thanked staff for the great work on the Business Expo. <br />6. ADJOURNMENT <br />Economic Development Authority/ May 8, 2025 <br />Page 3 of 4 <br />