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