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another community, but they suggest Ramsey because the available sites would better fit their <br />needs, noting that the business would perhaps have not considered Ramsey otherwise. <br />Member Riley referenced the comment related to the demographics of Ramsey and asked if there <br />is anything the City can do to ensure that those demographics are updated as quickly as they could <br />be. <br />Mr. Pankratz replied that retailers use different services to track that type of data and therefore he <br />is unsure if there is a specific action the City could take to ensure all those systems are up to date. <br />He commented that during the past five years he has seen changes in the demographics for Ramsey <br />that have been beneficial in attracting development. <br />Member Riley stated that perhaps staff could make a note and follow up to determine if there are <br />things the City, County or CBRE could be doing to update that information as soon as it can. <br />Mr. Pankratz stated that businesses also use traffic counts, noting that those counts are typically <br />updated every few years. He used the example of Armstrong Boulevard and believed that traffic <br />count has significantly dramatically since the completion of the interchange and noted that would <br />help to attract retailers that look for drive -by traffic when selecting locations. <br />Economic Development Manager Sullivan provided background information on the systems the <br />City uses to create its economic development report. He stated that the City could also complete <br />additional traffic counts in the area. He did not feel that now would be the right time to provide <br />an accurate count as some people continue to work from home because of COVID. He stated that <br />CBRE also refreshes its marketing brochures every three to six months with the changing <br />demographics. He stated that Ramsey is approaching 28,000 in population with a median income <br />of $95,000, which garners respect and interest from retailers and other businesses. He noted that <br />Mr. Pankratz does a great job of focusing potential prospects on Ramsey. He believed that the <br />City, with its partners of the County and CBRE, does an excellent job marketing itself. <br />Mr. Pankratz agreed that traffic patterns and counts will change in the coming year as more people <br />return to work. He stated that within a three-mile radius of Armstrong and Bunker there is a <br />median income of $113,000 and that information would be used to market Parcel 46 within The <br />COR. <br />Economic Development Manager Sullivan commented that he has a great relationship with Mr. <br />Pankratz and believes the partnership to be beneficial to the City. He asked the EDA to support <br />the one-year extension of the contract. <br />Member Cords asked the sense from the business community related to the construction challenges <br />that Highway 10 could bring. <br />Mr. Pankratz stated that there is probably talk about it related to local distribution truck routes, but <br />he is unsure that the larger business community understands the scope of the project through <br />Anoka. He stated that once the Anoka portion of the project, it will help to increase the speed and <br />flow of traffic with the removal of those stoplights. He stated that groups are beginning to see the <br />Economic Development Authority/ February 11, 2021 <br />Page 2 of 3 <br />