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City Council Regular Meeting Minutes July 14, 2026 Page 3 1 Mayor Webster thanked Mr. Hering again and expressed her gratitude that the audit was clean. 2 She also appreciated the Finance Staff and recognized that Mr. Hering specifically mentioned the 3 good work of the St. Anthony Staff. 0 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 Motion by Councilmember Elnagdy, seconded by Councilmember Randle, to approve the 2025 Finance Audit. Motion carried 5-0 B. 2026 Retail Operations Mid -Year Report. Mayor Webster welcomed Retail Operations Manager Anglum to present the 2026 Retail Operations Mid -Year Report. Retail Operations Manager Anglum provided an overview of mid -year highlights. He noted that sales and profits are down, but that they are on target with the fund transfer. He commented that the Marketplace remodel set back their profits and highlighted that a recovery plan is underway. Retail Operations Manager Anglum provided a full mid -year financial spreadsheet with expanded detail. He expressed hope that conditions would improve with the addition of the cannabis store and the completion of the Silver Lake Village updates. He presented a category - and -operation dashboard to inform the Council about which products were selling best. He stated that current goals included increasing their selection while removing slow -moving products, growing basket size, cross -merchandising, improving consumer solutions, enhancing retail engagement, and focusing on customer service. Retail Operations Manager Anglum provided information on customer and market trends, noting that alcohol spending is down but that consumers are purchasing more expensive products in smaller packages. He commented that ready -to -drink beverages are extremely popular and that non-alcoholic beverages are also driving sales. He presented information about the renovations at The Muni at Marketplace, noting that while they are open, more changes are coming. Retail Operations Manager Anglum updated the Council on the cannabis store, stating that it is in progress but that there were setbacks related to lighting. He stated that when security is in place, they will be able to submit their SOPS to obtain their license. He specifically discussed the security update as well, commenting that this was a large shift from previous establishments and noted that the organization they are looking to partner with meets and exceeds regulatory standards at a reasonable price. He finished by presenting an overview of their end -of -year plans, including opening the dispensary, completing the Silver Lake Village remodel, expanding customer engagement, maximizing holiday sales, and preparing the 2027 budget. Councilmember Jenson asked if they are still waiting for the State to certify the setup of the cannabis dispensary. Retail Operations Manager Anglum confirmed this. Councilmember Jenson asked if there is a date for the survey. Retail Operations Manager Anglum stated there was not, and informed him that they must submit their SOPS to the State when they feel prepared to open; the OCM will then review them. If the OCM is satisfied, they will then conduct the on -site survey during a 30- to 60-day window. Councilmember Jenson asked them when they will be able to submit. Retail Operations Manager Anglum stated it would likely be in the next 10 days. Councilmember Jenson asked if they would be able to sell in the next two to three months. Retail