Agenda - Economic Development Authority - 06/12/2014

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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 in determining 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. Update Staff has attached a timeline demonstrating the next steps for the development of a future business park. (6) CBRE, City of Ramsey's Preferred Broker 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. CBRE has added listings #13 and #45. These listing were added to our contract as "Phase Two" listings meaning these sites were to be added once the City gathered further information and /or fully acquired the properties. Both listings are added as attachments. (7) 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 On May 27t the Ramsey HRA authorized entering into a PA with Casey's General Store. Casey's will be purchasing roughly 1.37 acres at the above mentioned intersection for $596,700, or roughly $10 per square foot. Staff is in the process of negotiating the final elements of the PA. (8) Armstrong Interchange Funding for Armstrong Interchange has been granted. Construction is anticipated to start in Fall of 2014 /Spring of 2015. Press Releases have been distributed to various outlets, including CBRE and economic development organizations.