Laserfiche WebLink
Motion by Member MacLennan, seconded by Member Heineman, to approve the December 9, <br /> 2021, minutes as presented. <br /> A roll call vote was performed: <br /> Member MacLennan aye <br /> Member Johnson aye <br /> Member Steffen aye <br /> Member Heineman aye <br /> Member Howell aye <br /> Acting Chairperson Olson aye <br /> Motion carried. <br /> 4. EDA BUSINESS <br /> 4.01: Consider Extension of CBRE Real Estate Listing Agreement for City Owned Land <br /> Economic Development Manager Sullivan presented the staff report. <br /> Member Heineman stated that there was a mention that any deals that the City leads results in a <br /> three percent commission for CBRE while CBRE led sales result in a five percent commission. <br /> He asked of the total sales, what percentage were City led and CBRE led. <br /> Economic Development Manager Sullivan replied that of all the deals under PA currently, were <br /> City generated leads. The parcel under contract with Rob Hardy was a city generated lead but is <br /> still subject to 5% CBRE commission due to the timing of the deal. He commented that the <br /> previous parcels that closed were leads that came from CBRE. He noted that the list in the packet <br /> also shows CBRE leads. He noted that the City is currently working with a general retailer that <br /> was provided by CBRE on the Rob Hardy property. <br /> Member Heineman asked the strategy that CBRE is using to come back from the slowdown of <br /> COVID. <br /> Brian Pankratz, CBRE, stated that for lease/for sale residential is a hot market at this time as well <br /> as industrial, noting that Ramsey has seen that interest through different projects. He stated that <br /> in the last eight months or so, single tenant retail has increased while big box retail, large grocers, <br /> entertainment, and sit-down restaurants remain slow. He highlighted the different marketing that <br /> CBRE uses and stated that they also utilize cross marketing when contacted by an interested party. <br /> He stated that they use the population growth and daytime population growth to continue to market <br /> to retailers. He also provided details on marketing blasts that CBRE completes. <br /> Member Heineman asked if the Highway 10 project throws a wrench into the marketing and how <br /> that would impact future tenants. <br /> Economic Development Authority/January 13, 2022 <br /> Page 2 of 6 <br />