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3. • • • , <br /> http://oppidan.com/ <br /> 1. Drew Johnson led discussion. <br /> 2. The driver(or incentive)for developers and investors are tenants (i.e. end users, businesses, <br /> etc.). Credit tenants are ideal (i.e.tenants that have a good track record of success and financial <br /> backing). Without tenants at the table, it would be very challenging to lure outside developers <br /> and investors to Ramsey. <br /> 3. Tenants are lured into a development by customer demand (i.e. demographics such as <br /> population within 5-10 minute drives, median income, and average daily trip counts). If <br /> sufficient customer demand cannot be displayed or justified, it is very challenging to entice end <br /> users/tenants to come to Ramsey. The best strategy Ramsey can deploy to getting more <br /> customer demand is (1) adding more rooftops, and (2) adding destination users. <br /> 4. The world of retail is drastically changing. In fact, since the mid 2000's retail has been very <br /> weak, and unstable, not only in Ramsey, or the Twin Cities, but across the County. Nobody is <br /> certain about where it will go moving forward. Online shopping is drastically impacting the <br /> marketplace, and the lasting impact is yet to be known. Retail is very risky. Grocery still appears <br /> to have a place in new development projects. Most retail development over the past decade <br /> has been infill or redevelopment—greenfield is very rare. This is not a Ramsey issue. <br /> 5. Ramsey has about 150 acres of land available for retail. It is highly likely that is too much for <br /> Ramsey to absorb in the forseeable future, or perhaps ever. Ramsey may want to reduce the <br /> amount of land they have available for retail. In order for the COR, or land located near The <br /> COR, to obtain demand from major retail users, better signage and visibility is needed. The COR <br /> is located off Highway 10, not on Highway 10. <br /> 6. If Ramsey want's someone to purchase their land on speculation,that will be challenging. <br /> Ramsey would likely need to seek out larger firms such as United Properties or CMS. These <br /> groups are okay with obtaining a large land portfolio, and sitting on it for speculation. However, <br /> they will want a very low purchase price. Land "eats" every day (i.e.there are fixed costs to <br /> holding land). Most developers, especially since the recession, are very sensitive to buying land <br /> without tenants in mind. <br /> 7. It appears Ramsey is on the right track with The COR. There has been lots of great projects and <br /> successes. The City should continue to build out residential and destination users. Restaurants <br /> and retail will follow when they are ready, and when the demand pushes. The City should <br /> consider interviewing John Hoinstien the former City Administrator of Eagan. <br /> 8. In order to get developers interested in The COR right now (via the City's proposed RFP)--it <br /> would likely take giving away land for very cheap or free. Or, placing multi-year option <br /> agreements on land with very little compensation to the City. Oppidan is concerned that might <br /> not be a strategy Ramsey would be interested in pursing—or the public would be okay with. <br /> However, that would likely be the realistic approach (based on the market). <br /> Page 4 of 7 <br />