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(6) 4tside9" u'auesti "n h „WAf d es this _ <br />- -This project establishes 122 new rooftops in The COR. <br />- -This project complies with the City's current zoning standards; which are fairly high within The COR. <br />This results in a quality project/ construction/ architecture. <br />- -122 new roof tops will support several other City priorities including but not limited to: Northstar Rail <br />usage, The Draw Park usage, traffic to existing local businesses, increased demand for new retail <br />development, use of existing infrastructure, TIF District #14 increment that can be used to pay off City <br />obligations, and an increased demand for the sale of City owned land. <br />- -The City's real estate broker, CBRE, has indicated noticeable positive momentum is building in Ramsey, <br />in terms of development (within the real estate market). This proposed PSD LLC development helps <br />build/ sustain that momentum. <br />- -As mentioned in question #3, this project results in the creation of significant tax base, and the <br />payment of significant development fees. <br />(7) What Ohl Jli f u if thispin,led d esn't m , ,uward u <br />Only speculative answers exist. Examples include: the land sits vacant for X number of years until the <br />market can justify a development, PSD LLC sells the land to another developer and they potentially ask <br />for City assistance, PSD LLC decides to move forward with their proposed project now potentially with <br />modifications (depending on the change, may require City approval), a different apartment complex is <br />proposed on a different property within Ramsey by a different developer. <br />(8) h w ,uldn't the City c nsider the nce reddest? <br />Providing City assistance is an elective practice. Timing of the PSD LLC request is not normal (based on <br />past City practice). Typically, the City would consider a request before land is secured, and entitlements <br />are provided (i.e. before site plan and development agreement). <br />From a land use perspective, this project has been discussed in detail by the City's Planning Commission <br />(and City Council). As the Council knows, the COR -1 Zoning District was amended from .75 to .65; which, <br />subsequently allowed this development to proceed without complete first floor parking or structured <br />parking. To be clear, the proposed development is legal and does meet current zoning standards. From <br />a high level, land use in The COR is being further addressed through City's current process to re-evaluate <br />The COR (vision and master plan). <br />If the Council moves forward with project assistance, Staff would strongly recommend performance <br />requirements be included in the appropriate agreement; and be considered on a "pay -go" perspective <br />only (e.g. require certain amenities/ architecture, timing and completion of construction, etc. before <br />assistance is provided). This specific situation may also warrant the need to re-evaluate the City's policy <br />for the sale of City owned land—to potentially require performance items in all purchase agreements <br />(regardless if assistance is requested up front or not). <br />REVIE Df;l;'(.I MEM !'H`4NuES k RI C;!"I'(IR 5/11/ (715 <br />Page 2 of 4 <br />