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B. TIMING: we need to decide when to engage a develor er(s)? <br />Staff believes there are a number of outstanding development items related to The COR. When said items <br />are addressed or unfold —it will put the City in a stronger position to reach out to developers. <br />EXAMPLE TIMING CONSIDERATIONS: <br />(A) Complete outstanding development due diligence items? <br />Listed below are a number of items that would be of interest to any developer/ investor <br />considering The COR. On several occasions, requests have been made to the City for this <br />information. In some cases, the City's inability to answer these questions has pushed <br />developers to other sites (in other words, some believe The COR isn't ready for <br />development). During the EDA's informational interviews with developers, RE this process, <br />it was suggested the City complete as much of this work as possible. Lastly, staff believes <br />having this information in place puts the City in a much better position to: effectively <br />analyze development proposals/ purchase agreements, strategize marketing efforts (i.e. <br />pricing of land), conduct budget discussions, prepare cost -benefit analyses, complete the <br />site selection process, and complete various City policy** items. <br />• Streets feasibility and concept plans <br />• Cut/fill feasibility analysis <br />• Storm Water feasibility and concept plans <br />• Development sign plan <br />• Structured parking feasibility and concept plans <br />• Parks feasibility and concept plans <br />• Market study (retail, office, hotel, movie theatre, apartments, etc.)? <br />• Community Center analysis, and alternatives <br />**Develop a city policy/positon on the above listed due diligence items. How will <br />these improvements be funded? What are the financing options? What is the cost <br />share? Do we want to update the COR TIF plan based on this new information? <br />(B) Finalize the new COR Master Plan and zoning updates? <br />The EDA and Council have made it clear, they only want to work with a developer that can <br />share/ support the City's vision for The COR. Considering the fact that Ramsey's Vision for <br />The COR is currently being discussed (likely to adopt an interim vision soon), it might make <br />sense to wait, until that process unfolds, before the City attempts to "sell" an outsider on <br />our vision. Not having a clear vision can create challenges for this proposed relationship. All <br />of the developers interviewed by the City, along with the market panel, have indicated that <br />it's very important that the city have a clear vision for the development. <br />(C) Wait to see happens with the wave of major development proposals? <br />Several major development projects are on the horizon for Ramsey. Assuming they all move <br />forward, the effect on The COR (and the City's ability to market/ sell land) could drastically <br />change. These projects will increase traffic counts, will create more rooftops, and will <br />establish strong positive momentum. These projects will collectively change our <br />development landscape. Said activity may put Ramsey in a stronger position to attract/ <br />work with developers. <br />Page 4 of 5 <br />