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<br />Motion carried. <br /> <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 provided information on the <br />organization, which was established in 2016 with the purpose of helping young moms and their <br />children who are experiencing homelessness. She stated that to date, they have served 18 moms <br />and provided information on the services they provide. She commented 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 years to providing a bridge from the initial <br />programming to long-term housing. She was excited to continue their dream in offering affordable <br />housing and services to those in need and to provide a gathering space for the community. She <br />was thankful to Ramsey for considering their request. <br /> <br />Member Stewart asked for more information on the number of apartments being promised if this <br />is approved. <br /> <br />Ms. McDermott explained that they are going to commit to one unit being built by the end of the <br />construction period. She stated that they may be able to construct all three units within that <br />timeframe, but did not want to overpromise and underdeliver. She stated that the remaining units <br />would be constructed within one year. <br /> <br />Chairperson Wiyninger asked for more information on the financials, as this seems like a big <br />stretch. <br /> <br />Ms. McDermott stated that the last two projects have been amazing, partnering with several trade <br />partners, and that is what they would plan to do for this project,noting Lennar as one of the <br />partners. She stated that they fundraise to get to a certain number,and the trade partners donate <br />products and labor. She provided information on the estimated value of the last project and the <br />actual cash funds that were contributed. <br />Chairperson Wiyninger 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 />EconomicDevelopment Authority/June 11, 2026 <br />Page 3 of 11 <br /> <br />