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May 14, 2014 Location: Pbrama>H:Drive>15153>FindingsReport MEETING NOTES This issue was highly discussed by the OMC Study Group, and perhaps, is the leading concern for surrounding property owners. A number of questions were asked at this meeting. Follow up answers were provided via email, and are included in the Findings Report Appendix (click hereto view, page 4). A different version of meeting notes was provided by an OMC Study Group member (click here to view). MITIGATION TECHNIQUES In summary, an overall quality development including proper implementation of mitigation techniques as outlined in previous sections will protect property values. For example, proper residential transitioning techniques, quality building design, quality site layout, mitigation of specific OMC Study Group concerns (i.e. noise, safety and traffic), etc. INPUT/FEEDBACK (at meeting) Below is an outline of concerns and input from OMC Study Group members: 1. Concern exists the net benefit of a data center proposal (i.e. tax revenues) does not outweigh the issues a data center development causes for surrounding property owners. A tax benefit for the City should not be put on the backs of the OMC neighborhood alone. An article was provided by an OMC Study Group member which identifies the negative impact of industrial development on residential properties, titled "The Impact of Industrial Sites on Residential Property Values: A Hedonic Pricing Analysis for the Netherlands." This article outlined a breakdown of residential property loss based on proximity to an industrial development. It was found, residential property value loss was realized from a distance up to 250 meters (or 820') from industrial developments. An OMC Study Group member applied principles/findings from the identified article to the development scenario under consideration by the OMC Study Group; which is, a potential data center in Ramsey located adjacent to residential properties. Findings of the OMC Study Group member are minimum multiple -million dollar losses in property values for surrounding property owners, depending on the scenario applied. Click here for resources: Netherlands Pricing Analysis Article, 250 Meter Map of Subject Property, OMC Study Group Member Report. 2. Very serious concern still exists by several OMC Study Group members a data center development located on the Subject Property will decrease values of surrounding properties by 10-15% minimum; and, will reduce the ability of future sales to occur. A number of OMC Study Group members indicated they had an opportunity to confirm this statement with various real estate agents and real estate appraisers. NOTE: a few OMC Study Group members stated a data center will have no effect on surrounding property values. And, if developed correctly, a data center may be a positive for surrounding property values. OMC Study Group, Findings Report (DRAFT) Page 38 of 42