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DRAFT DOCUMENT, INTENDED FOR CONCEPTUAL CONVERSATIONS ONLY, CHANGES WILL OCCUR Future Business Park UPDATE: 04/29/2016 ALTERNATIVES (1) DO NOTHING The City could choose to do nothing, take the update from Person Properties as -is, and amend the proposed business park plan accordingly. In other words, reduce the size of the business park from 93 acres to about 45. Staff would be concerned with this approach for two reasons. (A) Long term, this solution will not provide a sufficient stock of industrial land to meet market demand in Ramsey. Staff estimates the first 45 acres (Hageman) would be consumed in 5-15 years. Upon build out of the first 45 acres, the City would be in a position of speculation/ uncertainty/ risk, if they were then to consider securing additional business park land. (B) One of the only concerns raised during review of the proposed business park was the BNSF rail line, and how it could affect manufactures. It was concluded, it would be prudent for the business park to include a large share of land outside of the 300' setback from the BNSF rail line. The Pearson Properties parcel helped mitigate this concern. lithe Pearson Properties parcel is lost, staff would have a concern regarding the viability of the business park as a whole. (2) PURCHASE OF PEARSON PROPERTIES Pearson Properties is willing, and motivated, to sell their property. If there is a serious buyer, interested in using the property for a business park, Pearson Properties would support that effort (rather pursing residential). Potential buyers would likely include: investors, developers, or the City of Ramsey. Purchasing this property would be a long term investment, as sales would likely occur over 5-20 years. This alternative would preserve the City's vision for a 93 acre business park (roughly next 20 years of demand). This alternative includes two options. (A) City support/ facilitate an effort to attract private investors to purchase the Pearson Properties parcels. The benefit of this option is the property remains taxable, and the City avoids taking the position of owning land and expending dollars on a purchase. Staff believes there is a 'market' for this option. The drawback to this option is each buyer comes with a different set of desires, expectations, financial resources, timelines, and willingness to work with the City. Considerations for each buyer will be slightly different. A good example of the risk outlined here is the situation at -hand (this update/ this document). 11111 1 A. 41 11 1 III 11 I 1 , aLPirYl11 IN��rx�, VidlitrgAN CArrAl 1ST LN� �.e._._—: Ste �i Hageman