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The City of Ramsey was one of the fastest growing areas in the North Growth Corridor. The <br />City of Ramsey was growing only slightly slower than the City of Andover. <br /> <br />The number of households, along with their purchasing power, would almost double by 2020. <br /> <br />The employment base in the City made up approximately 10% of retail sales as employees were <br />driving through to go to their homes. <br /> <br />Approximately 2/3 of the customers surveyed regarding their reason for stopping at a particular <br />Ramsey business responded that they were regular customers. Mr. McComb felt that number <br />showed business strength. <br /> <br />There would be an expected 5½% growth in population and an expected 5% growth in <br />households over the next five years in the trade area. <br /> <br />The City of Ramsey was in the top 10% for household incomes in the metropolitan area. <br /> <br />In 2002 there were more employees than households in the trade area. <br /> <br />Services are the fastest growing portion of the consumer economy. <br /> <br />An area of 20 to 25 acres would be needed by major merchandise and service categories to <br />accommodate growth and other changes in the retail area. <br /> <br />Further discussion: <br /> <br />Member Kicfer asked what could be done differently so the dollars would stay in the City. He <br />added that the bulk of dollars now go to Coon Rapids or Elk River. Mr. McComb responded that <br />he thought this trade area would increase by 50%. As the population increased, large retail stores <br />could be supported in the area. Mr. McComb added that there is a crossover point between <br />convenience shopping and price shopping. Currently, the area had the strength of convenience <br />shopping. <br /> <br />City Councilmember Dave Elvig commented that the City would like to grow as a specialty <br />center. Mr. McComb responded that retail based on good products was far more creative than <br />selling brand product. He commented that the suburbs were often guilty of building the brand <br />outlets. <br /> <br />Mr. McComb commented that money needed to be spent on improving a store's environment. <br />The exteriors of the buildings were important to draw customers to them. However, it was also <br />necessary to make sure the building interiors were also attractive. <br /> <br />Member Kiefer stated that he felt there was a great amount of potential in the area; however, <br />money would need to be invested to get things started. He suggested that TIF might be a <br /> <br />Economic Development Authority / June 9, 2003 <br /> Page 6 of 7 <br /> <br /> <br />