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<br />CresaPartners <br /> <br />CORFORATE REAL ESTATE SERVICE ADVISORS <br /> <br />Bellevue <br /> <br />Atlant1J April 30, 2008 <br /> <br />Austin <br /> <br />Betl1esda <br />Birmingham <br />Boston <br /> <br />Calgary <br />C.harlotte <br /> <br />Mr. Kurt Ulrich <br />City of Ramsey <br />7550 Sunwood Dr NW <br />Ramsey, MN 55303 <br /> <br />Chicago <br /> <br />Cincinnati <br /> <br />Dailas Dear Kurt: <br /> <br />Re: Engagement Letter - Strategic Planning and Land Strategy <br /> <br />Denver <br /> <br />Detroit <br />Fairfield County <br />Houston <br />Indianapolis <br />Los Angeles <br />Nempllis <br />Miami <br />Minneapolis <br />1V1ontrea l <br /> <br />Nashville <br /> <br />New Yorl< <br /> <br />Orange County <br />Otta we <br /> <br />Palo Alto <br /> <br />Paramus <br /> <br />Philadelphia <br />Phoenix <br /> <br />Pittsllurnl, <br />Portland <br /> <br />Princeton <br /> <br />Sacramento <br /> <br />San Francisco <br /> <br />Sail Jose <br />Seattle <br /> <br />St. LouiS <br /> <br />Toronto <br /> <br />Tucson <br /> <br />Tysons Cornel: <br />Vancouver <br />Washlnnton DC <br /> <br />Thank you for the opportunity to propose our strategic real estate planning services for the City of <br />Ramsey C'City of Ramsey") and the Ramsey Town Center development site ("Site"). The following is <br />an outline of CresaPartners . Minneapolis/St. Paul C'CRESA Partners") proposed working relationship <br />with the City of Ramsey. <br /> <br />PURPOSE OF ENGAGEMENT: <br />To assist the City of Ramsey in developing a real estate strategy for'the Ramsey Town Center <br />development. This will include identifying current and projected monetary obligations on the Site, re- <br />assess the existing development guidelines and alternatives and provide recommendations to the City <br />of Ramsey on an action plan moving forward. <br /> <br />SCOPE OF WORK: <br />Strategies will address, the following items: <br />~ Review existing master plan and development agreement <br />~ Investigate existing monetary and non-monetary obligations related to each parcel on the site <br />and summarize in a report <br />~ Determine potential alterations to master plan (especially residential and retail areas) <br />~ Meet with at least two (2) developers in the northwest quadrant of the Twin Cities who have <br />successfully developed a mixed use site similar to the Site. Discuss changes they see that should <br />be made to the development agreement and/or master plan to make it successful. <br />~ Meet with the bank which has the property in foreclosure and determine what basis it has in the <br />property, what are its carrying costs per month and try to determine their realistic sale price. <br />~ Identify a residential and retail consultant to perform a market study to determine economic <br />considerations and absorption rates for the retail and residential portions of the Site <br />~ Perform an economic analysis to determine what optimal uses should be built on the Site (based <br />upon meetings with developers and the retail/residential consultant) project how long it will take <br />to build out the Site, and compare that against expectant tax revenue received. <br />~ Based upon the above analysis, provide the City of Ramsey with an outline of projected payback <br />of assessments currently levied on each parcel and a recommendation of actions the City of <br />Ramsey should take to mitigate/forgive monetary losses, if any. <br /> <br />AtisR,.eal <br />.\'.:':},!'I::~ ~-.l;'M~\:~ ;if :iH ~'!':i':~f.'. <br />'!lr:;!.o.;~;!~lH:i.. i;~H Hg~~ :";;l(;;;~ <br /> <br />80 South Eighth Street, Suite 8SG . Minneapolis, f"iinnesota 55402 <br />tel 612.337.8498 . fax 61.2.337.8459 . www.cresapartners.com <br />