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Staff is working to identify a firm and/or process to shed light on the sustainability of the node — <br />how many rooftops are needed to support what we already have? Can we do that? In addition, <br />Staff worked to add listing the "water tower" property through its preferred broker, CBRE. CBRE is <br />marketing the parcel for residential development through all outlets. This visibility and placement <br />of the parcel onto the market will someday create additional rooftops. CBRE's signage has gained <br />organic traction/interest from landowners in the immediate 167/47 area for development of <br />residential homes. <br />Staff is also working with a local business on a residential development that includes development <br />of the "water tower" property. Staff was notified an LOI may come forward in the near future. <br />(5) Future Business Park <br />The EDA approved comprehensive plan amendment will be brought forth to the Planning <br />Commission in May. On May 1st, the Planning Commission will be looking to establish a "Guiding <br />Principles and Framework for Preparation of Comprehensive Plan Amendment for Armstrong West: <br />Future Business Park". This document is attached for your review. In general: <br />The purpose of the document is to provide a framework to develop a Comprehensive Plan <br />Amendment to establish a new, private Business Park Guide; and, specifically identify a common <br />goal, vision, and working parameters that will garner public input. <br />The desired outcome of this document is to develop a clear, consistent, transparent and fair process <br />the City, prospective developers, property owners and Staff can rely on as proposals are received. <br />The Planning Commission shall act as first point of contact for City in relation to the Future Business <br />Park Comprehensive Plan Amendment by utilizing this Guiding Principles document. This Guiding <br />Principles document will evolve over time and partner with the Economic Development Authority <br />(EDA) as the project progresses towards implementation. <br />This document will provide guidance for Staff and the City's Commissions in moving forward with <br />the associated Strategic Goal. Staff will begin utilizing outside consultant time to develop concepts <br />of the park, to assist in illustrating the viability of a market relevant business park. The concepts will <br />be used to study whether the physical conditions of the area can truly support this type of land use. <br />This information is necessary to determine employment and housing forecasts. This information <br />will also be used to develop project pro-formas and financial analysis. The concepts will assist the in <br />determining the size and scale of users that the future business park will attract, whether the <br />potential size of users is consistent with the Comprehensive Plan, and whether the potential size of <br />users is consistent with current market conditions. <br />Update <br />The comprehensive plan amendment application public hearing is scheduled for the 10t" of July at <br />the Planning Commission evening meeting. The next step, per the attached timeline, is for <br />consideration by the Council on the 22nd of July. Staff is working to bring the pre -concept maps <br />created in-house to a consultant to begin analysis into costs, capacity, etc. <br />(6) CBRE, City of Ramsey's Preferred Broker <br />Staff continues to communicate with CBRE on a frequent basis. Many of the aforementioned <br />"prospects" are the work of CBRE. Staff has been provided a detailed listing update by CBRE <br />detailing the contacts and progress they have made in marketing our parcels. Please contact Ted <br />