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EDA Updates 09112 014 (1) Old Municipal Center Site Development Update A motion was made by the Council to submit a Comprehensive Plan Amendment allowing for single family residential. The Council determined pricing in closed session. This property is being listed by CBRE. This site has active interest by a residential home builder. (2) Prospect Updates Staff has been and will be reaching out to existing and potential prospects (existing businesses) in conjunction with the BR &E effort. Project Alpha — MMI Precision MMI Precision has submitted site plans for review for a roughly 6,500 sq. ft. facility to be attached to their existing structure. This move is to satisfy space requirements in the short term. Future needs are projected to include up to a 100,000 sq. ft. facility. Staff is working diligently in moving forward plans for a future business park to accommodate this user as well as others that have indicated space requirements. Securing a location for a future business park is a high priority of the EDA; to ensure retention of these valued businesses and to offer space for relocations /start -ups in Ramsey. A request for site plan approval for a building expansion was brought to the Planning Commission on May 1st. It was approved and subsequently approved by the City Council. Plans for expansion of the building have been received. Construction is expected this year. Update Expansion at the current facility was placed on hold —MMI is reviewing its strategy given the demand for a greater sized structure (plans for on -site expansion simply will not satisfy the demand). Staff and CBRE are actively engaged with this business. Project Affordable Housinq--CommonBond Staff presented to the HRA on 4/22 a revised LOI from regional affordable housing developer CommonBond. CommonBond is proposing an affordable housing development on parcel #47 (between Coborn's and The Residence at The COR). It is anticipated the project will require roughly 2 acres of the 6.5+ acres available. The Ramsey HRA directed Staff to enter into purchase /development agreement negotiations based on criteria set forth in the closed session. The Ramsey HRA adopted a resolution requesting support of the Anoka County HRA in the amount not to exceed $250,000. This fund is levied on Ramsey and is to be used for housing and economic development specific projects. It is expected the project will begin construction in Spring of 2015, pending grant funding from a variety of stakeholders. CommonBond owns and operates various types of housing developments across the Twin Cities Metro and region. CommonBond has developed and continues to manage 104 housing communities. They are a nationally recognized leader and innovator in the affordable housing industry. Staff is impressed with the quality of their developments throughout the Metro.