Agenda - Economic Development Authority - 04/13/2017

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2. 1AG Commercial http://www.iagcommercial.com/ 1. Jeff LaFavre led discussion. 2. Need to make sure your vision is flexible. The market changes. You cannot create your own demand. You cannot force a product that you want, if there isn't a market. Sometimes you need to rethink your strategy on how to match demand with vision (creative solutions). 3. IAG thinks in many situations, communities might need consulting/advising beyond just standard real estate broker/ land transactions. For example,financial analysis, cost-benefit analysis, gap analysis, etc. Many times, your staff/decision makers might need professional consulting (rather than trying to be simply get a commission on the closing of sale). 4. IAG thinks there is a major trend around the corner,that Millennials will drive the demand--that is, urban/ mixed-use centers in the suburbs is a need. Ramsey has it right. Millennials want a strong sense of community(they like "the City"). They will be moving back to the suburbs in large numbers over the next decade. Ramsey is well positioned for this. 5. The COR is a destination. Highway 10 is a strength and weakness. How long before it's funded. Retail demand is not present. The global retail market is changing. Likely won't be strong in Ramsey. Ramey's perception in the development world is still not 100%recovered from the great recession and fall of Ramsey Town Center. 6. Spirt and cooperation of Ramsey is very unique and positive for Ramsey. Also, the fact that Ramsey has a generally clean slate for their vision, and the physically available land, is very helpful. Medical is an opportunity for Ramsey. Business incubators are an opportunity for Ramsey. IAG recommends the City remain flexible in what they expect/want for The COR. 7. Ramsey's market for development will come from small/medium sized developers and investors. Ramsey's market is likely not going to hit the radar for large/ national developers. This requires more work, more hand holding, and more flexibility on Ramsey's part. Also, since the great recession, master developers are not high supply—they will want a project in hand— they don't want to work on speculation. IAG specializes in addressing this situation (i.e. connecting developers, equity, financing, and projects). 8. A good web presence would be helpful for better responding to development demand (including social media campaigns). Also, the City should consider better Highway 10 signage/ visibility/image. The COR's retail that will work is service oriented. Traditional retail is very challenging. The City might have too much retail zoned land. 9. In order to put together good proposal for Ramsey, IAG needs to better understand what the City's vision is—it needs to be clear(or at least the questions we may have). There need to be structure and definition behind what Ramsey's wants. IAG would pitch a base monthly fee, plus a commission on deals. They are open to negotiation. Page 3 of 7