Agenda - Economic Development Authority - 02/05/2015

Home

Economic Development Authority (EDA) 4.2. Meeting Date: 02/05/2015 Submitted For: Patrick Brama, Administrative Services By: Patrick Brama, Administrative Services Title: Review Future Business Park RFQ and Updates Purpose /Background: PURPOSE: 1. Review Results of Future Business Park RFQ for Professional Services 2. Review General Updates 3. Provide General Direction to Staff BACKGROUND: Attached to this case is background information on the (A) the future business park, (B) EDA direction related to the Future Business Park, and (C) the RFQ for professional services. Purpose of RFQ: The City of Ramsey is seeking quotes for the completion of a traffic impact study, feasibility report, and preliminary design layout of infrastructure improvements associated with the City's future business park. Improvements would be limited to (1) Bunker Lake Boulevard, between Armstrong Boulevard and Puma Street; and, (2) Puma Street, between Bunker Lake Boulevard and Alpine Drive; see Appendix of the attached RFQ for details. Notification: NA Observations /Alternatives: OUTSTANDING ITEMS Before the City engages /executes the work outlined in the RFQ for professional services, staff would recommend the following outstanding items be completed: (1) Analyze effect of nearby train tracks on potential business park users. Identify who the "target market" is for the City's future business park. Will our target market conflict with the nearby train tracks? Will our target market have a demand for the proposed new future business park (i.e. confirm this location is market relevant)? This work is currently being completed by the City's economic development consultant, Mike Mulrooney. Staff expects results to be available at the March EDA meeting. (2) Are the two major benefiting property owners willing to share in the cost of the traffic impact study, feasibility report, and preliminary design layout of infrastructure improvements? If yes, should a formal agreement be in place before ordering this work? Staff is working with the City Attorney to develop a draft agreement. Staff expects to have a document completed by the March EDA meeting. Staff will share the draft agreement with benefiting property owners by next meeting. Staff expects a cost -share model in which the City would 'front" the cost of this work and would be repaid via future land proceeds from benefiting property owners. The City would likely pay for 40% -65% of costs (TBD). Staff would recommend use of our EDA Revolving Loan Fund or EDA Fund.