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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 />