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MEMO <br /> <br />DATE: <br /> <br />TO: <br /> <br />FROM: <br /> <br />RE: <br /> <br />March 10, 2003 <br /> <br />Economic Development Authority (EDA) <br /> <br />Megan Wald.and Sean Sullivan <br /> <br />Staff Update <br /> <br />Community Development Block Grant redevelopment opportunity: <br /> <br />The City of Ramsey has chosen an appraiser to continue with the acquisition process of the Chies <br />and Morrell properties. RA Field and Associates will be completing the appraisals for the <br />subject, properties. The appraisals should be complete in 6 weeks, Which will allow the City to <br />move to the next step in the CDBG process. The next step is to offer to purchase the parcels <br />after receiving appraisal numbers. If negotiations on sales price go smoothly it appears as if the <br />City can initiate a redevelopment project this coming'summer. <br /> <br />Potential Development of Lot 3, Block 1, Gateway North Industrial ParkNo. $ <br /> <br />Staff is negotiating with two potential developers of Lot 3, Block 1, Gateway North Industrial <br />Park No. 5~ The discussions with the' two prospects are proceeding forward and staff hopes to <br />have development proposals to review within the next month. Both potential developers are <br />currently located in Ramsey and it will be the City's intent to help each of the businesses remain <br />in Ramsey. At this point the names of the businesses have not been included in the update to <br />protect the privacy of those entities and negotiations. <br /> <br />Sale of Outlot A, AEC Energy Park 4th Addition <br /> <br />The City is actively negotiating the sale of Outlot A, AEC Energy Park 4th Addition. The terms <br />and conditions of the sale will be communicated to the EDA when the sale is finalized. The City <br />looks forward to seeing the last. available lot in Energy Park 'being sold and development <br />commencing in the future. <br /> <br />Redevelopment Study for the intersection of Highway #47 and 167th Avenue <br /> <br />As you may recall, the EDA recommended that the City Council move forward with a market <br />analysis for the intersection of Highway #47 and [67th Avenue, contingent upon staff working <br />with McComb Group to negotiate a more cost effective proposal. The City Council reviewed the <br />item and the EDA's recommendation at their January 28, 2003 meeting. The City Council <br />directed staff, to obtain a few additional redevelopment proposals. Economic Development <br />Consultant, Mike Mulrooney, submitted Requests for Proposals to Maxfield Research In.. and <br />Associated Retail Consulting. The City received a proposal from both companies on February <br />24, 2003. The City Council will be reviewing the three redevelopment proposals and continuing <br />discussions regarding the redevelopment study at the March 1 I, 2003 meeting: <br /> <br /> <br />