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4. EDA BUSINESS 4.01: CBRE Presentation and Meet /Greet Economic Development Manager LaFrance introduced Mr. Richard Palmiter and Mr. Brian Pankratz from CBRE. Mr. Palmiter thanked the EDA for inviting them and stated that CBRE is a publicly traded company with 30,000 employees. He stated the Land Services Group specializes in land and redevelopment opportunities and CBRE is committed to providing the City with the best service possible. Mr. Pankratz stated that CBRE has almost 1,000 local employees that handle the national property management accounting for clients across the country and has closed 200 transactions in the last five years. He presented information regarding the listing agreement and advised that one property has sold and a couple other parcels are currently under contract. He also presented information from CBRE's web page for the City and explained that the website includes property brochures for each parcel that includes information on demographics, traffic counts, plat information, zoning, etc. so that if someone is interested in a particular property they can review background information on the site. He also presented two samples of marketing brochures and discussed CBRE's use of email blasts that are sent to MLS commercial brokers to make them aware of available opportunities. He advised that they have daily interaction with City staff and were involved in the recent Builder's Showcase and have also attended City Council meetings. He reported they recently added parcel #13 and parcel #45 to the listing agreement and have been engaged by a couple of landowners on the west side of Armstrong for residential and the future business park, adding that they already have two prospects for the future business park, one for 90,000 square feet and another for 100,000- 150,000 square feet. He felt that the two residential areas off Puma would receive strong interest from a national homebuilder in the next six months. He advised that Residence at the COR is for sale and it was their understanding that the property has received a lot of interest from potential buyers. City Administrator Ulrich stated that the sale of Residence at the COR is viewed by staff as positive overall if the property sells quickly for a good price, adding that the City would receive repayment of its loans at the time of the sale. Member Hardin requested comment about development activity in the northwest metro versus other areas of the metro. Mr. Palmiter stated on the industrial side, developers are looking at the northwest corridor and also the southwest area, adding that they are seeing a lot of activity in Shakopee, Otsego, Elk River, Rogers, and Dayton. Mr. Pankratz stated that every category of real estate has seen increased activity except for traditional office buildings, adding that as housing prices increase, it is likely the number of townhomes will increase. Economic Development Authority /July 10, 2014 Page 2 of 4