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1® Structured Parkin <br /> DESCRIPTION <br /> • Construction of parking ramps is a strategy for implementing density goals within The <br /> COR-1 zoning district. Density within The COR-1 zoning district is one of the basic <br /> foundation pieces behind the original vision of The COR—and has been used as <br /> rationalization for funding various infrastructure projects within The COR (i.e. Ramsey <br /> station,various road improvements, The Draw, etc.). Density of development also helps <br /> push other desired uses within The COR (such as traffic for restaurants/ retail). <br /> • The current COR development plan shows the construction of four parking ramps within <br /> the COR-1 zoning district (one already completed). Many people involved with the <br /> original visioning process of The COR expect the construction of additional parking ramps <br /> to occur. <br /> • It is important to note,The COR-1 zoning district minimum FAR (floor area ratio) was <br /> updated in 2015 to .65. This new FAR does not force users to construct parking ramps <br /> (higher FARs do). This is unlike the previous minimum FAR within the COR-1 zoning district <br /> (.75 and 1.0). <br /> • The City has received strong and consistent feedback from developers, real estate <br /> professionals, and businesses that parking ramps are very expensive and the Ramsey <br /> market cannot justify this additional development expense. Generally, developers are <br /> opposed to constructing parking ramps. <br /> • There are certain monetary and non-monetary benefits to the parking district approach. <br /> The City should define what an appropriate return on investment to this strategy should <br /> be. <br /> 01.T <br /> Market Panel/Developer/Real Estate Professionals <br /> o If the City expects additional structured parking within The COR, it is highly unlikely <br /> the private market will bring this to Ramsey alone. The only markets that see this <br /> type of <br /> development naturally,within the Twin Cities, is Minneapolis, St. Paul, and St. Louis <br /> Park. These markets have higher yield rates, which can justify the investment. <br /> o If structured parking is a priority for Ramsey, the City should pro-actively prepare a <br /> plan to fund parking ramps. The City should generally be prepared to participate <br /> costs above and beyond standard surface parking. <br /> o Density within The COR-1 zoning district does benefit, and help push, the City's <br /> desire <br /> for restaurants and retail within The COR. <br /> Page 3 of 15 <br />