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Page 2 — July 31, 2007 New Brighton Council Minutes <br />Councilmember Bauman questioned why the City wouldn't require option payments sooner <br />t uan 2010. Mark Nordling representing Ryan Companies stated the site currently is not <br />velopable. The benefit to the City was described as offering a 120,000 square foot <br />ilding with over 400 high paying jobs. The expansion option is required by any company <br />similar to Transoma Medical, Inc. A 6% annual inflation price is considered in the option. <br />Motion by Council Member Hoffman, seconded by Council Member Doffing to <br />approve a term sheet with Ryan Companies for Transoma Medical, Inc. Office Project <br />and authorize staff to begin preparation of a contract for private redevelopment. <br />5 Ayes -- 0 Nays, Motion Carried. <br />Adiournment <br />Motion by Council Member Hoffman, seconded by Council Member Doffing to <br />adjourn the meeting. - <br />5 Ayes — 0 Nays, Motion Carried <br />Ileeting was adjourned at 8:09 P.M. <br />A�ezfzw— % � <br />v( r <br />Daniel A. Maiers, Director of Finance and <br />Oupport Services <br />J <br />Steve Larson, Mayor <br />Adjournment <br />Meeting was adjourned at <br />8:09 pm.. <br />