4.1 EDA DRAFT MINUTES 05-20-2024

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Draft Economic Development Authority Minutes April 15, 2024 --------- Page 3 of 4 9. WORK SESSION – UPPER TOWN CONFERENCE ROOM The work session began at 5:49 p.m. 9.1 Introduction - Acumen Business Solutions Mr. O’Neil introduced Vinita Patil, with Acumen Business Solutions Ms. Patil discussed what it would look like to bring a hotel to the community. She stated, per marketing research, analysis, and site selection, there is a need in the area for a hotel. She noted they have a feasibility study in progress currently. She stated there is community support to have a hotel here. Her company would provide acquisition and negotiation for a project. She noted there are still some questions to be answered: ▪ how can we have partners and investors ▪ attracting people to the area ▪ are there residents who would want to be owners ▪ are there local banks willing to assist with funding. Commissioner Wagner asked what other locations we might be familiar with that were implemented by Acuman and the type of hotel that would be built; whether chain or boutique style. Ms. Patil discussed her company's experience with over 30 years in business. She mentioned a hotel in Baxter that they own and manage and that they are currently looking at other sites. She stated there is very much a need for hotel rooms as growth is coming in this direction. She stated a hotel style hasn't been determined but they are looklng at both options and it will depend on the outcome of the study. She stated they are considering around 80 rooms. Commissioner Beyer asked what the number one reason is to have a hotel. Ms. Patil stated it's about the events held in the area. She asked if the commission was interested in extended stay hotels, a full service hotel with a restaurant, or event center space. The Authoirty concurred no on having event center space and extended stay, but liked having a restaurant on site. Chair Tveite suggested a newspaper article solicting for investors when ready. Commissioner Grupa stated feedback could be solicited on social media to see how people feel about it. 9.2 Projects Update Mr. O'Neil presented the staff report. He highlighted the 120 acres on Jarvis Street, a mile north of Highway 10, noting potential industrial opportunities at this location. He further discussed Project Hinge looking to locate, expand, and apply for a micro loan in the Nature's Edge development. 10. MOTION TO ADJOURN Moved by Councilmember Wagner and seconded by Councilmember Beyer to adjourn the work session. Motion Carried 6-0. Page 4 of 64