Agenda - Economic Development Authority - 03/09/2017

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is a very important step. She stated they do market studies. Market research and analysis is a super important part in knowing what is realistic. The content of this helps them to determine and understand what can be focused on. If retail is already saturated in other areas,then hopefully this will start to tell them where their opportunities will be. What are Ramsey's strengths and what can they draw from them, and a market study will help with that. Member Riley asked if Ramsey brought Kraus Anderson onboard would a market study be one of the first things they would do or is this something the City should do now. Ms. Bell indicated she did not know what the City's processes are so what she was saying was she valued market studies. She stated Ramsey indicated loosely that they were looking for more information and want to move forward in new and different ways but have not totally identified what an RFP would look like or if they even want to do an RFP or if they want to establish a relationship first and then chip away at working with something together. She stated if Ramsey were to do an RFP, she would prefer that they were prepared for it and have conducted that study in advance and would help her get off the ground quickly if their RFP timeline is really short because then she would know what they were looking for and it has a basis in xyz. If the City does not do that, then she needs the RFP to be long because she will have to gain partners and she has to look at a FIT study. She will have to get architects and will need to pull a team of people together and spend a fair amount of money to come up with her own findings,which Ramsey will have to trust and she would need a little more time for that. Ms. Bell stated in regards to item four, strategies, none of them are bad for Ramsey but the last one,constructs speculative buildings, is the only one they generally do not do because of the basis Kraus Anderson already explained to the EDA. She thought many developers have strength in all of these different categories and knowing that Ramsey could break it out to work with different developers may bring something different to the table as it relates to how they are going to purchase or finance any given portion of it. She thought flexibility was great in that regard. Ms. Bell stated the primary for Kraus Anderson would be typically purchasing and leveraging the asset to the best of its ability over time. For larger projects, they are now more than ever collaborating with other people. Member Riley asked for clarification if Kraus Anderson would rather purchase the entire area and then develop it. Ms. Bell indicated this is what Kraus Anderson has historically done in the past. She stated that getting to a deal structure standpoint would infer that she knew what the offering was and infer that she knew what the build is and she did not. Member Williams stated this could be answered any way and the deal structure could have any type of details depending on the specifics and what the City wants. Ms. Bell stated that was correct and there was not enough information to begin to hint at a deal structure. Economic Development Authority/February 9, 2017 Page 3 of 10