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May 14, 2014 Location: Pbrama >H:Drive >15153 >FindingsReport <br />MEETING NOTES <br />This issue was highly discussed by the OMCStudy Group, and perhaps, is the leading concern for <br />surrounding property owners. <br />A number of questions were asked at this meeting. Follow up answers were provided via email, and are <br />included in the Findings Report Appendix (click hereto view, page 4). A different version of meeting notes <br />was provided by an OMCStudy Group member (click here to view). <br />MITIGATION TECHNIQUES <br />In summary, an overall quality development including proper implementation of mitigation techniques <br />as outlined in previous sections will protect property values. For example, proper residential <br />transitioning techniques, quality building design, quality site layout, mitigation of specific OMCStudy <br />Group concerns (i.e. noise, safety and traffic), etc. <br />INPUT /FEEDBACK (at meeting) <br />Below is an outline of concerns and input from OMCStudy Group members: <br />1. Concern exists the net benefit of a data center proposal (i.e. tax revenues) does not outweigh <br />the issues a data center development causes for surrounding property owners. A tax benefit for <br />the City should not be put on the backs of the OMC neighborhood alone. <br />An article was provided by an OMCStudy Group member which identifies the negative impact of <br />industrial development on residential properties, titled "The Impact of Industrial Sites on Residential <br />Property Values: A Hedonic Pricing Analysis for the Netherlands." This article outlined a breakdown <br />of residential property loss based on proximity to an industrial development. It was found, <br />residential property value loss was realized from a distance up to 250 meters (or 820') from <br />industrial developments. <br />An OMCStudy Group member applied principles /findings from the identified article to the <br />development scenario under consideration by the OMCStudy Group; which is, a potential data <br />center in Ramsey located adjacent to residential properties. Findings of the OMCStudy Group <br />member are minimum multiple - million dollar losses in property values for surrounding property <br />owners, depending on the scenario applied. <br />Click here for resources: Netherlands Pricing Analysis Article, 250 Meter Map of Subject Property, <br />OMC Study Group Member Report. <br />2. Very serious concern still exists by several OMCStudy Group members a data center <br />development located on the Subject Property will decrease values of surrounding properties by <br />10 -15% minimum; and, will reduce the ability of future sales to occur. A number of OMCStudy <br />Group members indicated they had an opportunity to confirm this statement with various real <br />estate agents and real estate appraisers. <br />NOTE: a few OMCStudy Group members stated a data center will have no effect on surrounding <br />property values. And, if developed correctly, a data center may be a positive for surrounding <br />property values. <br />OMC Study Group, Findings Report (DRAFT) Page 38 of 42 <br />