Agenda - Economic Development Authority - 08/14/2014

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(5) Future Business Park The EDA approved comprehensive plan amendment will be brought forth to the Planning Commission in May. On May 1st, the Planning Commission will be looking to establish a "Guiding Principles and Framework for Preparation of Comprehensive Plan Amendment for Armstrong West: Future Business Park ". This document is attached for your review. In general: The purpose of the document is to provide a framework to develop a Comprehensive Plan Amendment to establish a new, private Business Park Guide; and, specifically identify a common goal, vision, and working parameters that will garner public input. The desired outcome of this document is to develop a clear, consistent, transparent and fair process the City, prospective developers, property owners and Staff can rely on as proposals are received. The Planning Commission shall act as first point of contact for City in relation to the Future Business Park Comprehensive Plan Amendment by utilizing this Guiding Principles document. This Guiding 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 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 worked internally to develop preliminary concept plans of the park to demonstrate to the Planning Commission the viability of the park. These concepts were also used in conversations with various leads when discussing future development options in that area. Community Development, Economic Development and Engineering recently sat down to further discuss the concepts and utilizing them to assist in traffic analysis, housing forecasts (plays into infrastructure needs in the area) and needed infrastructure, infrastructure costs, etc. These concepts will be provided to a professional firm to determine traffic counts and subsequently capacity needs for infrastructure (roads, water, sewer, etc.). Market demands are indicating the need for various sized buildings 30- 100k square feet in size, which is in line with the concepts Staff are using to move park planning forward. (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.