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Economic Development Authority (EDA) 4.1. <br />Meeting Date: 03/05/2015 <br />Submitted For: Patrick Brama, Administrative Services <br />By: Patrick Brama, Administrative Services <br />Title: <br />Authorize Professional Services and Review Updates Related to the Future Ramsey Business Park <br />Purpose /Background: <br />PURPOSE: <br />1. Consider authorizing work outlined in the attached RFQ (also see Bolton & Menk proposal) <br />2. Review Business Park Preliminary Analysis from Mike Mulrooney (effect of train tracks, business park <br />target market) <br />3. Review draft cost -share model agreement for professional services outlined in RFQ <br />BACKGROUND: <br />Attached to this case is background information on the (A) the future business park, (B) EDA direction related to <br />the Future Business Park, and (C) the RFQ for professional services. <br />Scope ofRFQ Services: <br />Completion of a traffic impact study, feasibility report, and preliminary design layout of infrastructure <br />improvements associated with the City's future business park. Improvements would be limited to (1) Bunker <br />Lake Boulevard, between Armstrong Boulevard and Puma Street; and, (2) Puma Street, between Bunker <br />Lake Boulevard and Alpine Drive; see Appendix of the attached RFQ for details. <br />Notification: <br />NA <br />Observations /Alternatives: <br />OUTSTANDING ITEMS <br />(1) Analyze effect of nearby train tracks on potential business park users. Identify who the "target market" is <br />for the City's future business park. Will our target market conflict with the nearby train tracks? Will our target <br />market have a demand for the proposed new future business park (i.e. confirm this location is market <br />relevant)? <br />This work has been completed and is attached to this case. Mike Mulrooney will provide a presentation <br />to the EDA. <br />(2) Are the two major benefiting property owners willing to share in the cost of the traffic impact study, <br />feasibility report, and preliminary design layout of infrastructure improvements? <br />Attached to this case is a draft agreement developed by the City Attorney. Staff is currently reviewing <br />this agreement with benefiting property owners. Amendments from the EDA are welcomed. <br />Funding Source: <br />The EDA may recall, the City sold a piece of property to Diamond Graphics in 2013. Land proceeds from that sale <br />were deposited into a "TIF Account" (specifically, TIF Account 41). Land proceeds were $407,876. Since 2013, the <br />City spent <br />$91,300 of TIF Account 41 dollars on burying Connexus electrical services in the future business park area. As a <br />result, the EDA has a balance of $316,576 to work with. Staff recommends TIF Account 41 dollars be utilized for <br />this work (and potentially future work on the business park). This strategy will allow the EDA's other (less <br />