Review of 2011 Efforts and 2012 Goals and Objectives

As we begin the new year. The development team would like to present a recap of the efforts of 2011, as well as consider current goals and objectives for the upcoming year. The outcome of this focused effort may, and should generate items for the larger upcoming strategic planning effort to be completed on a city-wide basis.

Last year saw tremendous advancements in the HRA’s stated goals and objectives on The COR at Ramsey. The brand identity continues to see recognition and success in the marketplace, interest and activity has continued to grow with several successful projects either completed or underway, and the prospect of new projects continues to increase.

2011 also brought the completion and implementation of the largest TIF district state-wide in recent years. With over 90% of the TIF budgeted towards infrastructure that would normally be attributed to the general fund, this is a substantial tool to both recapture prior dollars invested in the project, as well as provide a means to fund future infrastructure that helps keep HRA property affordable. TIF 14, or The COR TIF, also includes many properties owned by others both within and outside The COR. The current TIF budget includes items to assist in the development/redevelopment of those as well.

In November we celebrated the final funding and commencement of efforts on Ramsey Station, the culmination of years of effort by staff, officials, and the development team. This component not only adds credibility to the recovery of The COR, but also solidifies the character of the project as a transit oriented community. Efforts now shift to the other primary goal from the 2010 strategic planning work – the Armstrong intersection where we continue to work to reduce the scope and facilitate the construction of this key access to The COR and gateway to the community.

With over twenty active parties in discussions on potential reinvestment in The COR, and demonstrated progress on both public and private projects, The COR is quickly shedding the stigma of the past and continues to not only recover, but flourish in a continually challenging market. The development team believes this property shed it’s status as a distressed property in 2011, and continues to be a place people consider investing in a bright future.

The development team recommends the HRA consider the activity of 2011, and provide input and direction on the efforts to be expended in 2012. This includes both the administration of the asset, as well as the real estate efforts underway and anticipated for 2012.

Efforts of the development team are funded by the proceeds of land sales and the HRA Levy.

Provide the development team with comments and direction to assist in shaping efforts on the project in 2012