11/15/11 Work Session - Laserfiche WebLink

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HRA Executive Director Nelson noted the W30 retail developer is in attendance to discuss the retail component of The COR. In addition, the developer has been invited and will participate tomorrow as Ramsey celebrates the rail station that is critical to the development. Development Manager Lazan reported he has worked with Lance Osborne on Letter of Intent terms, schedule, TIF, public infrastructure, and has made good progress. While in town, he wanted Mr. Osborne to talk with the HRA regarding his interest and vision in the project and answer questions. Lance Osborne, founder and President of Osborne Capital Group of Ohio, introduced himself and third generation development company based on east side of Cleveland, Ohio. He stated they pride themselves in collaborating with municipalities to complete quality walkable and transit - friendly centers. Mr. Osborne indicated they are currently developing a 300 -acre mixed - use center in Cleveland, Ohio, similar to The COR, in addition to a 75 -acre retail development in Brunswick, Ohio. They are targeting projects outside Ohio and were introduced to Ryan Cronk at the 2010 International Council of Shopping Centers (ICSC) Convention through an architect who had worked for both of them. Since then, he has visited Ramsey twice and is confident in the potential of the retail component considering access to rail and the Armstrong Boulevard interchange that will lay the foundation for a great mixed -use project. Mr. Osborne explained their role would be to deliver the retail, and an attractive, functioning, and high dining experience. He indicated he is confident they can deliver in a manner that will make Ramsey proud. Mr. Osborne stated he is eager to hear the EDA's thoughts and answer questions relating to their plans. Commissioner Ramsey asked his opinion of the Sunwood Drive roundabout and if prospective retailers will like it. Mr. Osborne indicated retailers will be neutral to a roundabout and cost wise it will probably be the same as a signalized intersection. He felt a roundabout was a nice aesthetic and landscape feature so he personally favored roundabouts. Chairperson Elvig asked if they are a build -to -own developer and if they had talked with the big box interest. Mr. Osborne stated they typically own the project and have talked with the big box interest. Chairperson Elvig asked Mr. Osborne what he will be asking of the City. Mr. Osborne stated the first thing is the Highway 10 /Armstrong Boulevard interchange and the second is more residential density at The COR with the apartments as well as further residential to the north. Their proposal contemplates the City doing the majority of the roadway infrastructure that would be funded from real estate taxes from their development. Chairperson Elvig asked if they are requesting any subsidies for development of the retail. Mr. Osborne stated they are not. Housing 'and Redevelopment Authority / November 15, 2011 Page 2 of 6