Agenda - Economic Development Authority - 03/09/2017

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4.01 Informational Interview: Kraus Anderson City Administrator Ulrich stated this case is a follow up to the EDA's ongoing discussion RE marketing strategies for The COR, and the sale of City-owned land. Staff met with Jaci Bell before the EDA meeting and she is prepared to answer questions from the EDA. Ms. Jaci Bell, Director of Development, Kraus Anderson,was at the meeting to answer questions. She provided a handout to the EDA and reviewed the background on her company. Mr. Dan Mossy, Krause Anderson was also at the meeting. Ms. Bell stated one thing to note is Kraus Anderson is a family owned company. The projects they historically have worked on are owned. She stated there is a differentiation between Kraus Anderson as a developer and construction company from some others. They tend to buy and keep because they are supplementing their own owned portfolio. This is not the only format; it is just the historical format. Ms. Bell reviewed projects in the packet that Kraus Anderson has done in the past and is currently working on. Ms. Bell stated their general perception of The COR as a development project and what are Ramsey's strength and weaknesses. From a development perspective,some of Ramsey's strengths are that it is a transit-oriented development and she can tell there is a lot of heart in planning that has gone into The COR. She understood there is a desire to refresh the initiative to pushing things further along and really executing their vision and trying some different things. What she does not know is what Ramsey's partnerships have looked like to date and what they have leaned on each other for and how they have gotten there. She noted if they were working together, she would want to hear more about that and learn what has and has not worked well. Mr. Mossy thought one of the biggest challenges from a demographics side of things is the river. They are kind of in between the river crossing access of Anoka and Otsego. When looking at a demographic study, it is done by a radius base and he thought it made some sense to alter that and go north up to Nowthen and touch on St. Francis and northern Andover,which would be The COR retail shoppers and the City of Ramsey and the residents who reside there are the everyday retail shoppers. He has noticed a little bit more activity as he came into The COR area along Ramsey Boulevard. There are a number of employers that are growing that way and from a retailer's perspective; daytime population for a restaurant is an important number for them to look at. He thought the City might want to hone in on the demographics a little more and present that in a more appropriate fashion to some retailers that are out there. He stated a lot of retail is tenant driven so if they could get a strong anchor, that would be the most important step to take, which will bring other tenants and shoppers into the market. Ms. Bell stated when they brought up market study, it is something they have not done in Ramsey and have not released any work as far as a market study. She understood Ramsey has done this to some degree but it is something that Kraus Anderson would do as a first step in any project and it Economic Development Authority/February 9, 2017 Page 2 of 10