Minutes - Economic Development Authority - 07/13/2017

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Member Williams arrived. 4. EDA BUSINESS 4.01: Strategy for Marketing and Selling City Owned Land Economic Dev. Mgr/Assistant City Administrator Brama presented the staff report. Chairperson Steffen asked Mr. Pankratz for his input on not working with a broker long-term. Brian Pankratz stated that if the City were to sell the remaining land in a bulk sale, the developer would have the carry costs and maintenance on their hands, which will take the land price down. He noted that the developer would also want certainty on what can and cannot be developed in each location. He stated that the unknown road alignment for Ramsey Parkway has come into play in some discussions. He stated that another question would be if the amenities will be put into place, such as Lake Ramsey. He stated that another issue is the visibility or lack thereof, from Highway 10, and therefore signage should be considered. He noted that zoning would be another component to consider. He stated that there is a lot of activity and once that is in place and the press releases go out, that will continue to build interest. He stated that a full restaurant is very expensive to build and there are not second and third generation restaurant buildings for a restaurant to come into. Chairperson Steffen asked if Mr. Deal had input. Jim Deal stated that the activity has picked up substantially and the industrial side of things is starting to pick-up, which is why PSD thinks there is opportunity for a business park. He noted that the increased industrial business would bring in additional traffic to The COR, which can bring in additional interest for businesses. He stated that the more rooftops you gain, the more interest you will get from commercial and retail. He identified an area(the old Diamonds parcel) that would be perfect for a large anchor, such as a Menards or Fleet Farm, which will then attract additional retailers. Matt Kuker stated that signage is a huge issue because businesses want to be visible from Highway 10. He stated that people do not want to buy land if they do not know what can be done on it. He stated that rather than master plan the development, they will almost have to piece it together as it comes. He noted that the interest turned down for the Diamonds parcel was another RV dealer and they felt the City did not need another RV dealer. Chairperson Steffen agreed that the City should probably follow the wait and see approach because there are so many projects in the hopper. Economic Dev. Mgr/Assistant City Administrator Brama stated staff and the City is not taking the position of not doing anything and waiting, because there are several initiatives currently underway, and there will be more moving forward. He noted that this would be more of an interim approach to allow the market to adjust. Economic Development Authority/July 13,2017 Page 2 of 9