Agenda - Council Work Session - 07/22/2008 - Ramsey Town Center Subcommittee

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City of Ramsey Memo From: Ramsey Town Center City Council Subcommittee Kurt Ulrich, City AdminiS~~ 7/18/2008 To: Date: Re: Review Options for Ramsey Town Center Development Background: During the past several months, staff has met with several consultant groups in regard to the Ramsey Town Center project in an effort to generate ideas and options for the City to move the development forward. Attached are several proposals for consideration: 1) LSA Design, Inc. - This proposal outlines a comprehensive review of the project and a revision of the development concept drawings. It suggests a team of staff and consultants to assist the Council in preparing and negotiating a development and improvement strategy. Time schedule: 5 to 7 months, Cost: $60,000 to $80,000. A representative of this group, Jim Lasher, will be at the meeting on Tuesday for discussion of the proposal. 2) Ehlers & Associates - This proposal suggests that the City host developer round table discussions on town center. The firm would help to facilitate these meetings and would conduct developer pro forma analysis and review financing options for the City. Time schedule: estimated at 6 months, could begin immediately, Cost: $195 per hour. They suggest charging the selected developer for their fees. 3) Deloitte Financial Advisory Services - This proposal focuses on doing a complete financial review and analysis of the project, plus. the identification of the "maximally productive use and valuation analysis" of the project. Time schedule: 2 to 4 months, Cost: $40,000 to $50,000. 4) CresaPartners - This proposal focuses on doing a real estate analysis of the project by a firm that specializes in corporate real estate services. Included in the analysis would be a review of obligations of the property, carrying costs for the property, optimal use recommendations and a pay-back analysis. Time frame: 3 to 5 months, Cost: $18,000. Cost does not include a market study or market absorption analysis. 5) Buxton Company - This proposal is for a "Retail Economic Developmenf' study and recently was approved by the Ramsey EDA and is moving forward. The study will provided detailed data on customers within the City's trade area and will "match" the City to the profiles of national and regional retailers. Time schedule: 60 days (by October1, 2008), Cost: $70,000 (to be paid by EDA and participating Ramsey business owners). 6) The Tinklenberg Group - Current contract to work on the promotion of the Ramsey Commuter Rail and the Park and Ride transit facility. Time schedule: this contract was commenced in December 2007 with an anticipated "four-five" months to completion. Cost: approximately $4,000 per month.