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Motion carried. Voting Yes: Chairperson MacLennan, Members Stewart, Wiyninger, and Riley. <br />Voting No: Member Howell. Absent: Member Johnson. <br />Member Wiyninger asked if there is a request for the City Council to provide input to the applicant <br />in regards to their support of the project and support of the proposed assistance. <br />Economic Development Manager Sullivan replied that he will speak with the City Attorney to <br />determine the proper format to do so. <br />4.02: Consider Extension of CBRE Real Estate Listing Agreement for City Owned Land in <br />COR <br />Economic Development Manager Sullivan presented the staff report. <br />Brian Pankratz, CBRE, commented on the unique market at this time. He stated that there is no <br />demand for traditional office and many of those uses are converting to retail or flex industrial. He <br />stated that industrial continues to be hot. He noted that residential was very hot but has cooled a <br />bit with increased interest rates. He stated that in terms of retail, every user seems to wants a drive- <br />thru and much of the demand is for single tenant or small strip retail. He recognized the hard work <br />the City has done to increase city population and the overall demographics of the City that will <br />draw attention from retailers. He commented that they have recently been receiving inquiries from <br />national retailers that they would not have in the past. He agreed that the hotel would help to draw <br />more attention as well. <br />Chairperson MacLennan asked whether the highway project would have impact on development. <br />Mr. Pankratz replied that project timelines are typically 18 to 36 months from start to open. He <br />stated that while there will be some impact from the project, the completed project will be a huge <br />benefit for Ramsey. He also noted that Armstrong Boulevard interchange is complete and access <br />will not be impacted. <br />Member Wiyninger asked for details on the percentage of deals brought from CBRE and City staff. <br />Economic Development Manager Sullivan replied that typically CBRE brings in more leads but <br />noted that some more recent developments have been generated by the City as well. He noted that <br />City generated leads have a lesser commission rate and those users may have seen the CBRE <br />listings as well. He recognized that there was not much general interest during COVID and <br />believed that the ratio would soon return to more CBRE generated leads. He believed that CBRE <br />brings value, and the City would not receive the same level of national user attention without <br />CBRE. <br />Mr. Pankratz commented on the cross selling that they do when they receive interest from a <br />potential user. He used the example of someone calling for a site in another community and then <br />potentially being shown opportunities in Ramsey. <br />Economic Development Authority/ January 12, 2023 <br />Page 4 of 7 <br />