Minutes - Economic Development Authority - 12/08/2016

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Economic Dev. Mgr/Assistant City Administrator Brama stated CBRE has brought forward Common Bond and the U-shaped parcel is looking to close and the third deal would be the Platinum Properties. He stated CBRE also brought in Dominium, the Dollar Store and OGA. Some of the deals that fell through were not CBRE's fault. He stated with that set aside, they have not received a significant amount of feedback from legitimate prospects interested in The COR that are outside of their normal networks. This is not necessarily CBRE's fault, as the market plays a huge role. Member Williams asked if she was the only one concerned that CBRE lists Anoka's properties. Member Burandt stated he shared the same concerns and he was concerned about going with the low-cost solution. He felt CBRE thought of Ramsey as a commodity and not a deep personal investment. He thought that opening the RFP process isn't the end of the world and might provide some good and might be worth looking at what companies would be willing to provide for a five to six percent commission. Member Williams did not think it was a conflict of interest in what CBRE does in providing brokerage services but she thought that someone who truly understood and was a part of the vision the City has of this development would understand why their Council and EDA might wonder. She thought that from that perspective, she was concerned that listing a property in an adjacent city that is so very similar to the property Ramsey has highlights a lack of goal congruency. Member Brunt stated he did have some of the same concerns. He wondered what other kind of services the brokers have. He stated the City has a vision and thought it was pretty well thought out in terms of what they want to do with the center of the City and having someone that would drive that forward and he did feel uncomfortable knowing that CBRE is doing something in an adjacent city which because of their reach, who do they give the pamphlet to. He thought it behooves them to look at something else. Chairperson Steffen thought they were willing to look at "Action two" option, the value add broker and what they could get that they are not getting today. He asked how they start the RFP process. Economic Dev. Mgr/Assistant City Administrator Brama stated assuming they are heading down the broker route he asked the EDA what they were looking for. Member Hardin stated if they are really interested in getting rid of the property why don't they drop the price or consider giving the property away. He thought they could get the same job from local brokers as they do from CBRE. He asked how quickly they want to move the land because other cities are giving their land away. Member Burandt thought they are always discounting the land to get businesses to purchase and build in the COR. Member Skaff asked if a master developer route has ever been pursued. Economic Development Authority/December 8, 2016 Page 8 of 11