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Motion carried. <br />4.02: Consider Purchase Agreement, Right of Re -Entry Agreement, LAHA (250k), and <br />Sale of City Land to Elevate Hope House for Mixed -Use Project <br />Economic Development Manager Sullivan presented the staff report. <br />Melinda McDermott, Elevate Hope House, introduced herself and pr <br />organization, which was established in 2016 with the purpose of h <br />children who are experiencing homelessness. She stated that to <br />and provided information on the services they provide. She co <br />'ded information on the <br />ung moms and their <br />they have served 18 moms <br />ed on the funding they have <br />received and how they have partnered to continue their mission. She commented that they have <br />shifted their mindset from providing services for two ye <br />programming to long-term housing. She was excited t <br />housing and services to those in need and to provi <br />was thankful to Ramsey for considering their re <br />• <br />• <br />a <br />to providing a bridge from the initial <br />n their dream its o ering affordable <br />g space for thm]inity. She <br />•nti <br />gathe <br />Member Stewart asked for more information on the num <br />is approved. <br />s <br />• <br />apartments being promised if this <br />Ms. McDermott explained that they are going to commit to one u <br />construction period. She stated that they .y be ._• - cons <br />timeframe, but did not want to overpromise a u de e <br />would be constructed witin one ar. <br />Chairperson Wiyni <br />stretch. <br />Ms. McDe <br />partners <br />partn: <br />pro • uct <br />actual cash <br />ed fo <br />ore informat <br />el <br />• <br />• <br />ing built by the end of the <br />t all three units within that <br />stated that the remaining units <br />the financials, as this seems like a big <br />►tated that the two proj ave been amazing, partnering with several trade <br />d that is what they • plan to do for this project, noting Lennar as one of the <br />he stated that they fundr.. , get to a certain number, and the trade partners donate <br />labor. She pr ed in P ation on the estimated value of the last project and the <br />that were ributed. <br />Chairperson Wi -r stated that it looks like this project would have an estimated value of <br />$3,000,000 that would require about $1,000,000 of fundraising, and asked for more information. <br />He asked about the feasibility of raising $1,000,000. <br />Ms. McDermott stated that the LAHA funds would be part of that. She commented that they have <br />begun to work with community partners, noting that in one weekend with Northgate Church, they <br />were able to raise $25,000. She felt confident that their trade partners, grants, and independent <br />funding would be successful. She commented on the fundraising they would do to reach that goal <br />before the end of the year. <br />Economic Development Authority/ June 11, 2026 <br />Page 3 of 11 <br />