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4. EDA BUSINESS 4.01: Future Business Park Economic Development Manager LaFrance explained that a future business park has been identified as a high priority for the EDA and staff has identified the area west of Armstrong Boulevard and south of Bunker Lake Boulevard as the most appropriate location for a business park. He stated that after analysis of a number of factors, including willingness of landowners to sell and synergies between land uses, staff and the landowners and CBRE feel a proposed mix of uses provides appropriate synergies for a successful development. He presented a Concept Map for the future business park and residential development and stated the map depicts approximately 90 acres for the Business Park and 100 acres for the residential development. He added that Mr. Pearson recently signed an agreement to list the property denoted as Pearson 2 on the Concept Map. Member Skaff requested an update regarding the Hageman property. Economic Development Manager LaFrance advised that Mr. Hageman has indicated they want to hold onto their property for a year or two to see what happens, adding that they are open to having a conversation with the City but at this point want to hold onto the property. Member Riley asked if the amount of property designated as Business Park was sufficient, adding that he felt it made sense to have residential included in the Concept Map. Economic Development Manager LaFrance stated that according to CBRE, the absorption rate for business park expansion is seven to ten years and the absorption rate for residential is three to five years. He added that CBRE feels that parcels 2, 3, and 4 would have significant interest from national developers. Member Riley asked if staff has run the numbers and/or prepared a feasibility study to confirm this area would support both residential and a business park development. Economic Development Manager LaFrance stated that some scenarios were previously prepared that identified other areas for a future business park and the proximity of infrastructure at Bunker Lake Boulevard is a large determining factor for this location as well as the Armstrong interchange. He agreed that further analysis is required in terms of tax base and tax capacity. Member Riley felt that the City was at a point where it needs to make sure that this type of development makes financial sense and to crunch some numbers. Development Services Manager Gladhill agreed and stated that the Comprehensive Plan Amendment process will be helpful in answering those questions. Motion by Member Skaff, seconded by Member Hardin, to approve submitting the proposed Comprehensive Plan Amendment and dedicating up to $1,000 of professional services dollars to assist Community Development staff in moving the proposal forward. Economic Development Authority /April 10, 2014 Page 2 of 6