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Mr. Pankratz commented that everyone agrees that Highway 10 will be a benefit once completed <br />but noted that no one can anticipate how that construction will impact businesses. He stated that <br />the population growth through recent residential developments help to bring interest from retailers. <br />Economic Development Manager Sullivan commented that the intersection of Armstrong and <br />Highway 10 will see increased traffic during construction and therefore it will place a lot of eyes <br />on that corridor. <br />Mr. Pankratz commented that office uses have high vacancy, industrial remains a hot market and <br />retail is starting to make a comeback. He noted that residential development continues to be hot <br />across the market. <br />Motion by Member MacLennan, seconded by Member Howell, to recommend to City Council to <br />approve the Listing Agreement with CBRE from February 2, 2022 through January 31, 2023. <br />A roll call vote was performed: <br />Member Howell aye <br />Member Heineman aye <br />Member Steffen aye <br />Member Johnson aye <br />Member MacLennan aye <br />Acting Chairperson Olson aye <br />Motion carried. <br />4.02: Receive 2021 Business Retention and Expansion Presentation <br />Economic Development Manager Sullivan presented the staff report. <br />Member Heineman asked if transportation is shown as a weakness. <br />Economic Development Manager Sullivan confirmed that the item referred to Highway 10 <br />transportation issues. <br />Member Heineman referenced the weakness shown as too many homes/rentals and asked for <br />clarification. <br />Economic Development Manager Sullivan replied that item reflects a comment from businesses <br />stating that there are too many apartments. He stated that perhaps those are businesses that have <br />been here longer that are also Ramsey residents that would like to see less growth and less <br />apartments. <br />Member Heineman asked if that is a specific type of business. He recognized that many residents <br />would prefer to see less apartments, but apartments to equal more people which could equate to <br />more customers for a business. <br />Economic Development Authority/ January 13, 2022 <br />Page 3 of 6 <br />