Agenda - Council - 12/13/2016 - Laserfiche WebLink

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Like The COR,Ramsey Boulevard provides a primary access point to US 10 for Ramsey's existing business parks. The ability of Ramsey's existing businesses to continue thriving, and invest in new expansions,is highly dependent on the functionality of the US 10 corridor. New Business Park Because the City of Ramsey's existing business parks are nearly 100% occupied by existing users,the City recently established a new business park. The intent of the new business park is to recruit new businesses to Ramsey, and provide a location for existing local businesses to relocate when room is no longer available for expansion on existing sites. Based on forecasting from ACG Consulting, development of the new 93 acre Ramsey business park land will result in roughly 2,700 new jobs with a roughly$38 million annual payroll,at full build-out. "Ramsey is well-suited to attract office and The ability to recruit businesses to Ramsey's new industrial development with its proximity to US business park is highly dependent on the functionality 10,pro-active business climate,nearby educational of the US 10 corridor. The City of Ramsey repeatedly opportunities,mix of housing options,inventory receives feedback prospects, developers, and real of existing business parks,and stock developable estate agents alike,that worsening congestion issues land. However,due to traffic congestion issues along US 10 eliminates Ramsey from the site location along US 10,many users eliminate Ramsey when process for most malooking at sites.By resolving traffic congestion major business park prospects. A along US 10,there will be a noticeable increase in new Ramsey Boulevard interchange would play a businesses seeking to relocate or expand in Ramsey critical role in the success of Ramsey's new business and Anoka County" park. --Brian Pankratz Vice President,CBRE Minneapolis Increased Productivity of Capital The COR development was hit particularly hard by the Great Recession. The original master developer was unable to implement the City's vision for a new downtown. A major component of The COR development left unfinished by the original developer was key infrastructure investments. In 2008,the original developer walked away from the distressed and failing development project. In 2009,the City purchased The COR development with the intent of implementing the community's original vision for this unique transit-oriented development. As a result of strong City leadership,alongside with support from both public and private partners,The COR has been resurrected,and the project has unfolded into a success story. In order to move The COR development forward,the City has taken the lead role in construction of key transportation improvements (multi-modal),public spaces,and recruitment of private investors. The City is able to play a major role in The COR development by efficiently utilizing capital generated by The COR development itself. In 2010,the City created a 25-year redevelopment TIF district to generate capital for the distressed project. This TIF district plays a critical role in the City's ability to pay for infrastructure improvements and recruit private investors to The COR. Roughly 170 acres remain available for development within The COR (with about 80 additional acres of office/ retail located adjacent to The COR). Although this development has seen success since the Great Recession,the City's ability to attract private development investment has reached a plateau;with the current condition of US 10,and lack of efficient access to The COR from Ramsey Boulevard,being primary constraints. A Ramsey Boulevard Interchange plays a critical role in the success of The COR development. US 10/CSAH 56 FAS LANE Application 15 City of Ramsey