Agenda - Economic Development Authority - 08/13/2015

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Economic Development Authority (EDA) Meeting Date: 08/13/2015 Submitted For: Patrick Brama, Administrative Services By: Patrick Brama, Administrative Services 4. 2. Title: CBRE Updates, Pricing Table, Advertising Plan, and Restaurant Discussion (Portions may be closed to the Public) Purpose/Background: CBRE will be at the meeting to discuss: • Activity/ Market Updates • Advertising Plan • Restaurant Discussion • Updating the City's Pricing Table for City Owned Land (closed session required) Notification: NA Observations/Alternatives: Activity/ Market Update: Please see attached. CBRE will be at the meeting to give a verbal update. Advertising Plan: CBRE and staff have discussed potential advertising opportunities. CBRE has indicated the top two places they would like to see Ramsey advertise is Twin Cities Business Monthly (http://tcbmag.com/Issues) and Finance & Commerce (http://finance-commerce.com/). Staff would like to notify the EDA of our intentions to work with CBRE to complete an advertising push, not to exceed $3,000. Sufficient funding is available in the adopted 2015 EDA budget (Miscellaneous Operating Supply). A formal motion by the EDA is not needed. However, if any objections or suggestions exist, staff welcomes discussion. Restaurant Discussion: Commonly, staff is asked by elected officials, Ramsey residents, and Ramsey businesses: Why don't we have any good restaurants? We want good restaurants. How are other, similar, communities able to have success in this area?Staff would like to provide CBRE an opportunity to address this question. Staff anticipates this discussion could snow ball into a larger policy discussion for a future meeting. NOTE: In the past the EDA has adopted/ utilized a full service restaurant subsidy policy. Based on input from prospects, real estate agents, and developers, staff is told we need a combination of the following: more roof tops, better access, and anchor tenants. Updating the City's Pricing Table The City of Ramsey owns a large inventory of developable land available for purchase by the private sector. In an effort to reduce the number of tax exempt parcels in the City of Ramsey, and encourage private market development, the City Council has identified the sale of developable City owned land as a priority. In January 2014, the City entered into a contract for real estate broker services with CBRE to facilitate the sale of City owned land. As part of the initiative to sell City owned land, the City has reviewed/ adopted a "pricing table" for all available properties. This pricing table helps provide staff "latitude" during negotiations; and the EDA/ City Council a basis for making decisions when purchase agreements are brought forward.