Laserfiche WebLink
<br /> <br />EHLERS <br /> <br />LEADERS IN PUBLIC fiNANCE <br /> <br />June 11,2008 <br /> <br />Kurt Ulrich <br />City Administrator <br />City of Ramsey <br />7550 Sunwood Drive NW <br />Ramsey, MN 55303 <br /> <br />Dear Kurt, <br /> <br />Thank you for meeting with us last week to discuss the Ramsey Town Center project and <br />the ways that Ehlers could assist City staff and the Council to implement the City's goals <br />for the development of the site. <br /> <br />As we discussed, we believe that Ehlers could immediately assist the City in the <br />following ways: <br /> <br />1. Developer Selection: We recommend that the City consider hosting <br />developer round table discussions regarding the project. This allows the City <br />to invite qualified developers to a meeting to ascertain their varying <br />perspectives of the project and its development potential and/or barriers. We <br />view that the City should be the primary agent to evaluate who will be <br />developing the property and under what terms. This process allows the City <br />to educate themselves on the development potential of the project as well as <br />potentially find interested, qualified developers to work with to implement all <br />or a portion ofthe project. <br /> <br />Ehlers is familiar with all the major developers in the Twin Cities area and has <br />a working knowledge of each finn's strengths and weaknesses. We would <br />assist the City in selecting developers to have these discussions with and could <br />coordinate and facilitate the meetings at the City's request. We would also <br />work to analyze the financial components of the developer's proposals with <br />City staff. <br /> <br />2. Developer Pro forma Analysis: Each developer may be asking for some <br />reduction in special assessments for the property and/or other concessions <br />from the City. Ehlers is a leader in the area of pro forma analysis. <br />Specifically, we would review the developer's requests from the perspective <br />of what is industry standard for land prices, financing and interest costs, <br />construction costs, and developer fees. This analysis gives transparency for <br /> <br />(Quat OpPfsfb,mlt, ErnpltlYfN' <br /> <br />LEADERS IN PU8LIC fiNANCE <br /> <br />Chatter Me-mber -at tbe li4:ad~t'lal A$~Q{;:i:aHQn <br />~IIM~~~M~#l ru~ljt fiQ##C~ !\aVI~#ll <br /> <br />3C)(lQ C...tr~ I"Qint" lJrlv~. RQ$#"ilI~, 1.11'4 $$1l3,lHI5 (l$l.Ul,8MC) tu Q$L~!i7.$$$5 www,ebl#'$.,ne.c"m <br />