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concerns with the slight reduction in space. Staff is prepared to showcase another property, as <br />noted above, if need be. <br />Update <br />Staff met with Prospect GLE to talk with the principals of the business and tour their existing <br />facility. In addition, Staff was updated on the project scope. To date, the building is proposed to <br />have a roughly 13,000+ square foot footprint with 6,000 square feet of mezzanine. Staff was <br />impressed with the existing operation and the products produced. Staff expects to see an <br />application for support from this prospect. Staff provided Prospect GLE a summary of resources the <br />City has available to assist in their relocation to Ramsey. <br />Prospect Affordable Housing <br />Prospect Affordable Housing presented a Letter of Intent for consideration by the HRA on 4/8. This <br />prospect is interested in developing a parcel within the COR (SE quadrant of Bunker Lake Blvd. and <br />the future Center St.). This prospect intends to construct 50 -55 units of affordable housing. Staff <br />has analyzed and negotiated based on the initial LOI and will be presenting that to the HRA on 4/8. <br />Please note additional information is limited as the project is confidential at this time. <br />Update <br />Staff presented to the HRA on 4/22 a revised LOI from regional affordable housing developer <br />CommonBond. CommonBond is proposing an affordable housing development on parcel #47 <br />(between Coborn's and The Residence at The COR). It is anticipated the project will require roughly <br />2 acres of the 6.5+ acres available. The Ramsey HRA directed Staff to enter into <br />purchase /development agreement negotiations based on criteria set forth in the closed session. <br />The Ramsey HRA adopted a resolution requesting support of the Anoka County HRA in the amount <br />not to exceed $250,000. This fund is levied on Ramsey and is to be used for housing and economic <br />development specific projects. It is expected the project will begin construction in Spring of 2015, <br />pending grant funding from a variety of stakeholders. <br />CommonBond owns and operates various types of housing developments across the Twin Cities <br />Metro and region. CommonBond has developed and continues to manage 104 housing <br />communities. They are a nationally recognized leader and innovator in the affordable housing <br />industry. Staff is impressed with the quality of their developments throughout the Metro. <br />CommonBond operates under a legislatively designated tax classification —this development will <br />pay taxes to the City of Ramsey and all taxing jurisdictions, but at a reduced rate. <br />Staff has begun working on agreement information. <br />Prospect Speed <br />Staff has been communicating through CBRE, providing detailed information on various parcels in <br />The COR for development of a convenience retail operation. Staff expects an LOI for consideration <br />in the near future. NO UPDATE. <br />Prospect 47 /Sergeant <br />Background: <br />The former Amoco Station was purchased from Amoco /BP Products North America in 2005. The <br />City paid $235,000 for the property and demolished the structure. Minutes indicate concerns in <br />relation to restrictive covenants and environmental concerns. MPCA notified the seller that no <br />further remediation activities are required on the parcel. Staff investigated the whereabouts of the <br />documents defining that statement to no avail and has ordered copies from the MPCA. Staff <br />believes the next step is obtaining a General Liability Letter (in essence closing out the site and <br />