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Mr. Osborne reviewed their current projects in Ohio including the construction of a railroad <br /> overpass by a TIF mechanism to access a commercial property, Buckenchet Market Place, and <br /> Collinwoods redevelopment, the largest train depot between New York City and Chicago. At <br /> one time, Collinwoods had been an environmental disaster and today it is home to four <br /> businesses and with one -half a million square feet. They have also developed the Shoppes at <br /> Alpha Place Shopping Center in Highland Heights. <br /> Commissioner Strommen noted Mr. Osborne had commented his company was expanding into <br /> other states. She asked what those locations are and what the top three factors are that attracted <br /> him to Ramsey. <br /> Mr. Osborne stated they are in the process of redeveloping property they have owned in Tampa, <br /> Florida, for 15 years. As to the top three factors, he cited that the Minneapolis market is a strong <br /> region with positive attributes; his firm likes collaborating with municipalities to complete <br /> projects, which is the best way in this economy and need for creative financing; and, <br /> Minneapolis has the Mall of America. He stated that prior to starting Osborne Capital Group he <br /> worked at AEW Capital Management of Boston and owned several apartment complexes. Mr. <br /> Osborne stated that research has always been bullish on Minneapolis because it is a strong <br /> market. <br /> City Administrator Ulrich asked Mr. Osborne if his company has a website portfolio. <br /> Mr. Osborne stated it does not but he would e-mail a presentation. <br /> Development Manager Lazan stated that information can be reviewed at an upcoming Work <br /> Session. <br /> Chairperson Elvig asked Mr. Osborne if he considers other types of tenants or only one large <br /> retail box. <br /> Mr. Osborne stated he spoke with Development Manager Lazan about who would be ready to go <br /> when the site is ready for development. He stated they have had success in the past with proving <br /> there is a market for small tenants and food tenants if they can show above average sales. <br /> City Administrator Ulrich asked whether his firm uses primary lenders and investors. <br /> Mr. Osborne explained this deal would be structured with internal equity and debt financing. He <br /> stated they may also use internal equity with leverage from their banking relationships. Mr. <br /> Osborne explained if the anchor wanted to lease it would drive cost up so then they may work <br /> with external equity partners/high net worth individuals. <br /> Management Director Lazan stated details such as the terms of the sale will be presented during <br /> a closed session for the HRA's consideration. <br /> Commissioner Wise asked about the timeline for the interchange project. <br /> Housing and Redevelopment Authority / November 15, 2011 <br /> Page 4 of 6 <br />