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Future Business Park Process <br />1. Identify Need Early 2013 <br />• City is running low on space available in existing business parks. Outside of a couple challenged pieces, <br />inventory has been nearly saturated in Ramsey. Direction received from EDA and City Council in early <br />2013 to investigate potential solutions. Due to the great recession, this issue has remained silent to - <br />date, as the needs of expanding businesses have been filled by existing vacant industrial space. <br />2. Identify Potential Solution 2013/ Early 2014 <br />• EDA reviewed six potential locations. With a public input process provided by the Planning Commission, <br />the EDA/Council identified the area west of Armstrong Boulevard, on the north side of U.S. Highway 10 <br />as the preferred location. <br />3. Develop Base Information Related to Development Costs 2015 <br />• In order to have a competitive business park/ economic development program, the City's new business <br />park needs to attain a development ready status. In other words, all "arterial/ trunk" public <br />infrastructure and utilities need to be completed (to the edge of the business park). <br />• As a result, a public infrastructure feasibility analysis was completed by Bolton & Menk. This <br />information sets a foundation for an "Economic Development Analysis" and future "policy discussions" <br />(i.e. base input data was attained). <br />4. Develop Economic Development Analysis 2015 <br />• Staff intends on contracting out an Economic Development Analysis to include the following items: <br />i. cost -benefit analysis (does this make sense for the City of Ramsey?) <br />ii. market analysis (is this viable in the marketplace?) <br />iii. comparison chart to other cities (what are other cities doing, including financing?) <br />iv. list of alternatives and recommendations (what options exist for moving forward?) <br />5. Policy Discussion 2015/ Early 2016 <br />• The EDA and City Council will need to have a policy discussion regarding the follow items: <br />• Do we want to move forward with pursing a new business park? <br />• If yes, how would we like to proceed? <br />i. should we be proactive with constructing arterial infrastructure? <br />ii. should we own land or place an option to purchase land? <br />iii. what should the relationship be with third party property owners? <br />iv. how much land should be targeted now, and in the future? <br />v. if the City gets involved, what is the funding source? <br />vi. what is our targeted timeline? <br />vii. are we willing to provide incentives? <br />6. Take Action/Implementation 2016 <br />