4.1.
Economic Development Authority (EDA)
- Meeting Date:
- 07/13/2017
- Submitted For:
- Patrick Brama
- By:
- Patrick Brama, Administrative Services
Title:
Strategy for Marketing and Selling City Owned Land
Purpose/Background:
PURPOSE
Continue discussion regarding the City's strategy for selling city-owned land and marketing The COR.
CASE TRACKING
Please see previous cases and minutes for detailed background information, previously reviewed detailed alternatives, and various market feedback logs. Or, please contact staff directly--staff can provide supplemental information via email, or can meet in person.
- EDA October 2016
- EDA December 2016
- Council January 2017
- EDA February 2017
- EDA March 2017
- EDA April 2017
- EDA July 2017
- Council July 2017
Notification:
NA
Observations/Alternatives:
Please see attached staff discussion guide.
Funding Source:
NA
Recommendation:
Staff recommends the city take the following steps (listed below). In the future (for example, 6-9 months from now), when significant progress has been made on these items, staff would suggest revisiting this discussion. Staff is concerned that moving forward with a long term agreement/ partnership now (considering the outstanding items below), may not be an effective/ efficient approach.
(1) Allow COR Vision Process to Unfold--
Please see attached staff discussion guide for details. Having a clear vision is important to prospect developers considering Ramsey and it is also important for the city when evaluating development proposals.
(2) Allow Market to Adjust to Major Projects--
Please see attached staff discussion guide for details. The long list of major development projects currently taking place in Ramsey may have an effect on the market (i.e. future demand). We won't know the effect until said projects make more progress.
(3) Add The COR Pro-Forma, Policy Discussion/ Feasibility to EDA Workplan
Please see EDA workplan on this agenda for details. This will put the city in a stronger position to discuss a long term relationship with a developer(s).
(4) Add Restaurants/ Retail to EDA Workplan
Please see EDA workplan on this agenda for details. This will help address what appears to be the highest priority real estate item in Ramsey--the desire for more restaurants and retail stores.
(5) Extend CBRE Contract--
Please see CBRE contract case in this agenda for details. This contract extension will provide "gap" coverage until the City finds a long term solution.
Please see attached staff discussion guide for details. Having a clear vision is important to prospect developers considering Ramsey and it is also important for the city when evaluating development proposals.
(2) Allow Market to Adjust to Major Projects--
Please see attached staff discussion guide for details. The long list of major development projects currently taking place in Ramsey may have an effect on the market (i.e. future demand). We won't know the effect until said projects make more progress.
(3) Add The COR Pro-Forma, Policy Discussion/ Feasibility to EDA Workplan
Please see EDA workplan on this agenda for details. This will put the city in a stronger position to discuss a long term relationship with a developer(s).
(4) Add Restaurants/ Retail to EDA Workplan
Please see EDA workplan on this agenda for details. This will help address what appears to be the highest priority real estate item in Ramsey--the desire for more restaurants and retail stores.
(5) Extend CBRE Contract--
Please see CBRE contract case in this agenda for details. This contract extension will provide "gap" coverage until the City finds a long term solution.
Action:
Staff would ask the EDA to consider the recommendation outline in this case. Suggestions/ feedback/ amendments are encouraged.
Attachments
Form Review
| Inbox | Reviewed By | Date |
|---|---|---|
| Kurt Ulrich | Kurt Ulrich | 07/07/2017 11:52 AM |
- Form Started By:
- Patrick Brama
- Started On:
- 04/28/2017 12:19 PM
- Final Approval Date:
- 07/07/2017