Agenda - Council - 09/08/2015 - Laserfiche WebLink

Home

CC Regular Session Meeting Date: 09/08/2015 Submitted For: Patrick Brama, Administrative Services By: Patrick Brama, Administrative Services 7. 3. Information Title: Receive CBRE Updates and Consider Update Pricing Table for City Owned Land (PORTIONS OF THIS CASE MAY BE CLOSED TO THE PUBLIC) Purpose/Background: CBRE will be at the meeting to discuss: • Activity/ Market Updates • 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. 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. Staff and CBRE have learned a lot over the past 18 months; and would like to take this opportunity to review the pricing table, and consider a handful of updates. This discussion will occur in closed session. Funding Source: NA Recommendation: NA Action: