Agenda - Economic Development Authority - 04/13/2017

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Key points of interest for the Bunker Lake Industrial Park Past events that have taken place: Over the course of the last year, PSD has had numerous requests for industrial/warehouse space in Ramsey. The City of Ramsey has recently changed the land use on a large parcel west of Armstrong Blvd. In talking with the City, and learning of this re-zoning, we decided to explore the development an Industrial park on said parcel. While exploring the feasibility of creating an industrial park, PSD talked with numerous commercial brokers and industrial building owners and built a proforma based on the feedback which we received. We also pulled several comps of available buildings and raw land,with that information we made some assumptions and realized that the project needed some assistance to get it on its feet to become viable. At the same time, we developed concept drawings, in order to maximize the use of land for both PSD and the City, we learned we could fit an additional building on the easterly half if an artery road were to be built to service said building. The Pat Brama with the City of Ramsey introduced PSD to Mike Altamari, Project Manager for Hagemann Holdings. Both parties attended a subsequent meeting and entered into a non-binding Letter Of Intent. During that meeting we established a purchase price of$1.75/sq.ft. and negotiated the expense of moving a spoil pile. Hagemann Holdings has also agreed they would fund the assessed portion of all future road improvements necessary to Bunker Lake Blvd. On March 28, 2017, Matt Kuker, on behalf of PSD, attended a City Council Workshop meeting which Pat Brama unveiled the project to the City Council. The project was very well received and there was a consensus to move ahead and send this to the EDA to see if it qualified for assistance. Pat then sent the EDA application requirements to PSD,which is description is a part of. Key building elements and factors of the 1st building: • The building will be Precast concrete building between 58,500 and 61,000 sq. ft., size to be determined by panel layout by Precast manufacturer. • The building will have some color variations and raised parapet walls to denote building entrances. • The building will have both drive in doors and dock bays to lessen interruptions to tenants in the future. • Each bay of the building will have a 400amp service brought in, more capacity can be added later if needed. • The building will front Hwy 10 to allow a retail/wholesale user to be able to have visibility. • Arterial road will serve the first 4 buildings, this will lessen the number of entrances and curb cuts onto Bunker Lake Blvd. • Each bay will have commercial rooftop heat and air conditioning.