Agenda - Economic Development Authority - 07/10/2014

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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. Update Staff is working to prepare a listing of the Old Municipal Center per the direction of the Council on the 10th of June. (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 14th, 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. On May 27th 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. Update HRA leadership and Staff have fully executed the PA. Closing is set for January of 2015. (8) Sunfish Express Staff and Council recently received notification from Sunfish Express (Shell gas station, Cousin Subs, and Taco-Pulco) that the business will be closing its doors. Sunfish Express stated a large factor in their decision to close was access to the property after the medians on Sunfish Lake Blvd. were installed. On January 28th, Ramsey HRA discussed the topic as an update item on the agenda. HRA Members expressed concern with the closing of the business. It was generally agreed upon that this topic be added to an HRA/EDA meeting in the future. Staff will contact the real estate agency charged with marketing that node to discuss opportunities and challenges. Upon receiving their feedback Staff is recommending the EDA discuss the "node" more formally. No action to date.