Review COR History and Exit Strategy

The City purchased the Ramsey Town Center Development out of foreclosure in June of 2009.  Shortly thereafter, the City/HRA hired Landform to head up the re-visioning of the project and to serve as development manage moving forward.  Attached are copies of minutes from the summer and fall of 2009 outlining discussions regarding the exit strategy.  Also attached is a flow chart depicting the anticipated steps involved with the development over a three year period. 

A number of actions have been taken that have put the development near Stage 2 of the exit strategy.  The re-visioning, re-branding, marketing material, road reconfiguration, comprehensive plan amendments, revised development guidelines, fill/cut analysis of the site, creation of a Tax Increment District, master declaration agreement, and projects such as the rail station, VA Clinic, the Draw, Allina, and road improvement have all added value to the project.

Staff will put together a more detailed timeline of COR activities for the Tuesday HRA meeting.

N/A

Based on discussion.