Agenda - Economic Development Authority - 05/08/2014

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Principles document will evolve over time and partner with the Economic Development Authority (EDA) as the project progresses towards implementation. This document will provide guidance for Staff and the City's Commissions in moving forward with the associated Strategic Goal. Staff will begin utilizing outside consultant time to develop concepts of the park, to assist in illustrating the viability of a market relevant business park. The concepts will be used to study whether the physical conditions of the area can truly support this type of land use. This information is necessary to determine employment and housing forecasts. This information will also be used to develop project pro - formas and financial analysis. The concepts will assist the Planning Commission determine the size and scale of users that the future business park will attract, whether the potential size of users is consistent with the Comprehensive Plan, and whether the potential size of users is consistent with current market conditions. (7) CBRE, City of Ramsey's Preferred Broker Update Staff continues to communicate with CBRE on a frequent basis. Many of the aforementioned "prospects" are the work of CBRE. Staff has been provided a detailed listing update by CBRE detailing the contacts and progress they have made in marketing our parcels. Please contact Ted for additional information; CBRE's monthly update is confidential as it details specific contacts, terms, etc. (8) Casey's General Store The City received a letter of interest (LOI) from Casey's General Store for purchase of property in the SW quadrant of the Sunwood Dr. and Ramsey Blvd. intersection. On January 14 the City Council made a motion to accept to the LOI and move forward with negotiations to craft a purchase agreement (PA) to be brought back for final approval. Staff has been working with Casey's to provide infrastructure information, development cost estimates, and design related information. Ramsey's City Attorney has directed Staff to allow for a purchase agreement to be crafted by Casey's. Review of the PA will start with internal Staff and be brought to Council at a future meeting for approval. 3/7/14 Casey's stated the PA is under construction —both Legal and Design Teams are reviewing the design standards (City Staff has had extensive conversations on design with Casey's) and will incorporate design /development details into the PA ensuring clarification of expectations for both parties. Update Staff is expecting a purchase agreement to review shortly. Staff received notification from Casey's that a purchase agreement had been sent via mail on 4/28. (9) Armstrong Interchange Staff will provide an update upon the close of the Legislative Session re: funding for the Armstrong Interchange.