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Councilmember Riley stated that he would like to see who is interested in the site. <br />City Administrator Ulrich stated that there has not been a lot of distinct interest in this parcel, but <br />acknowledged that the parcel has not been out to the market. <br />Brian Pankratz stated that the restrictive covenant prevented any food use and therefore made it <br />difficult to market. He stated that if the three parcels were all available there would be interest <br />immediately. <br />Councilmember Riley stated that changes things, since it appears that parcel would make the <br />entire strip of property more valuable. <br />Mayor Strommen stated that to continue to sit on the property while other opportunities pass the <br />City by does not make sense. She stated that the time is past due to pull the plug and <br />McDonald's either steps up to the plate or they move on. <br />Councilmember Riley asked the purchase price of the property. <br />City Administrator Ulrich replied that the purchase price was $470,000. He confirmed that <br />following this consensus staff will bring a formal resolution back to the Council for adoption. <br />2.03: CBRE Update <br />Brian Pankratz provided the first quarter statistics metro wide, noting that net absorption for <br />office and retail are negative. He stated that the retail world is changing as many retailers <br />continue to close their doors and follow the virtual trend. He stated that the trend is now on food <br />and fitness. He stated that traffic patterns take time to change and people are now utilizing the <br />Armstrong interchange more often. He stated that the residential market is booming. He stated <br />that Ramsey is in between two retail nodes and with large stores closing in Riverdale, retailers <br />will most likely backfill in that location. He noted that the additional homes being built in <br />Ramsey will help to attract businesses. He stated that the restrictive covenant is no longer in <br />force, which is good for additional food locations that may want to come. He stated that the <br />additional industrial and PSD projects will bring in additional traffic and could attract more <br />business. He stated that they continue to see interest from medical office tenants. He provided <br />an update on marketing. He noted that he has been pushing Ramsey for quick food users and <br />hard goods and has heard that Ramsey is on their growth plans. He noted that he has also <br />reached out to gas stations in attempt to bring a tenant to Armstrong as traffic patterns push more <br />vehicles on that route. He reviewed the marketing suggestions and next steps. <br />Councilmember Riley stated that the Council and Planning Commission have talked about retail <br />and the changing face of that in The COR. He asked how the large retailers closing in nearby <br />areas, such as Riverdale, would impact Ramsey. <br />Mr. Pankratz stated that larger retailers would tend to stay where they are in the larger nodes. He <br />stated that quick service food, cellular phone stores, and workout related uses are trending and <br />City Council Work Session / June 13, 2017 <br />Page 3 of 5 <br />