Agenda - Economic Development Authority - 01/25/2018

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Coworking Space Table 3: A breakdown of the Commons' non -membership pricing and services Non -Membership Options Price per Month Add-ons and Deals Hot Seat • Non-member hourly use of the common space, 8am-5pm Monday -Friday $5/hour N/A Day Pass • Non-member daily use of the common space, 8am-5pm Monday -Friday $30/day N/A Punch Card • Non-member daily use of the common space, 8am-5pm Monday -Friday $100/5 days N/A Coworking in Ramsey Coworking is a flexible concept that can be used to fit the needs of Ramsey residents and businesses, while meeting the government's capacity to provide services to its residents. Beyond the initial investment required to create the coworking space, the city can adjust the amount and intensity of the services it provides to its members based on the resources it has available. Providing a coworking space in Ramsey may also fill a gap in the market for Ramsey residents and businesses as well as residents and businesses from surrounding communities. Most coworking space in the Twin Cities is concentrated in Minneapolis and St. Paul, although several coworking spaces have recently become available in suburban areas. The closest coworking space to Ramsey is The Commons Minnetonka location, about 30 miles away. The City of Ramsey may be able to capitalize on this market while also providing a service to the city. Most coworking spaces are geared toward a general professional worker, but there are many different ways to approach coworking space. For example, some coworking spaces cater to a specific industry or craft. DevJam is a software development coworking and innovation space in South Minneapolis. GIA Kitchen, The Good Acre, and other commercial kitchen space in the Twin Cities are available for use on an hourly or monthly basis. There are several member -based workshops in the Twin Cities, including MPLS MAKE and Nordeast Makers. In the case of an industry -specific coworking space, more specific services, equipment, and programming can be provided. When a coworking space does not target a specific industry, there is less opportunity to provide industry -specific business development assistance to its members. There may be a critical mass of residents and businesses in Ramsey in need of a specific type of workspace, and Ramsey could tailor a coworking space to provide that. Even if simply providing the bare minimum coworking space for professional workers, a coworking space in Ramsey would provide an opportunity for remote workers and small businesses from the northwest outer - ring suburbs to stay in the area instead of traveling to the city or staying in their homes. This can create positive externalities for the city. For example, people working in Ramsey may be more likely to patronize other Ramsey businesses like restaurants, auto services, clinics, printing services, and more. Business Incubators and the City of Ramsey 21