Laserfiche WebLink
MEMO <br />Date: February 8, 2017 <br />To: Pat Brama-City of Ramsey <br />From: Brian Pankratz, CBRE <br />Subject: City of Ramsey -Rum River Hills <br />cc: <br />Patrick <br />CBRE <br />COMMERCIAL REAL ESTATE SERVICES <br />The extension of utilities, land swap, and economic incentives for the expansion of the Rum <br />River Hills Golf Community would bring additional residential options to the City of Ramsey <br />along with an improved golf course. The additional housing would bring in development <br />fees and increased tax base. <br />The extension of utilities may help improve the adjacent retail with additional traffic and <br />nearby residential density improving the underperforming facility. Without further study <br />there may be additional parcels that become available for development with the extension <br />of utilities increasing the amount of development and fees generated. <br />Without the extension of utilities, it might be a while until Parcel 11 is developed outside of <br />an estate lot. The variety of housing units will provide options to the residents of Ramsey <br />and surrounding communities but do not believe there would be a market for vertical <br />condo's. <br />CBRE has not been involved or met with the principals of Rum River Hills and based on the <br />economic incentives involved would suggest additional vetting including the following: <br />1. Financial statement review of company and executives <br />2. Proof of funds for construction <br />