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Councilmember Kuzma stated that the case states that no financial assistance is requested but <br />noted that most projects that come along end up with an ask, he asked if there will be an ask. <br />Mr. James stated that they do not have knowledge of the soil conditions nor the cost -share for <br />infrastructure. He stated that he would not be frightened of a 40 percent cost -share for roadways, <br />but stated that without concrete information he cannot say there would not be an ask in the <br />future. He stated that at this point he does not have an ask. He stated that the cost of the land <br />and development fees are quite good, which puts him in a good spot competitively. <br />Member Williams stated that there are a lot of apartment units in Ramsey and asked if there is a <br />demand for additional units in Ramsey. <br />Mr. James stated that the demographics are very strong to support this development. He stated <br />that the market study would be in the next four to five weeks to ensure that the units would be <br />supported by the market. He stated that if the demand were smaller than 150, then it would not <br />be worth the effort. <br />Member Williams stated that when the market study is completed and there is a demand for the <br />units, she would like to hear that clearly presented. She stated that the perception of the residents <br />is that there is not a demand for additional apartment units and therefore that would help her <br />position as a Councilmember if that information is clearly presented. <br />Mr. James stated that they are a privately funded company and the loans are secured by the <br />principals in the company and therefore if the market does not support this development they <br />would not continue. <br />City Administrator Ulrich asked if the market demand was strong, would the development then <br />be interested in a second phase. <br />Mr. James replied that the Affinity product has never been built close by each other, noting that <br />the closest proximity would be about ten miles. He stated that if the project was a huge success, <br />they would maybe consider it. He stated that the other product type the company has is <br />affordable senior housing and noted that the City already has that in The COR with more to <br />come and therefore he was not sure there would be demand for that project. He stated that they <br />have struggled with bringing that product to Minnesota. <br />City Administrator Ulrich asked for the opinion of Mr. James regarding retail. <br />Mr. James stated that the ideal location for this product would be near activity. He stated that the <br />seniors are active and therefore choices are helpful for retail and entertainment in close <br />proximity. He stated that they have not chosen traditional mixed -use development, as retail is <br />not their expertise and they focus on multi -family development and senior development. He <br />stated that incorporating commercial is not their choice. He stated that they would be willing to <br />site plan around a commercial site that could be sold and developed by a commercial developer <br />that has that experience. He stated that they would prefer to be nearby commercial development, <br />but would not want to own that commercial development. <br />Economic Development Authority/August 10, 2017 <br />Page 4of8 <br />