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 l0 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 />