Agenda - Economic Development Authority - 01/11/2024

Home

4. 3. Economic Development Authority (EDA) Meeting Date: 01/11/2024 Primary Strategic Plan Initiative: Promote economic growth and development. Title: Consider Extension of CBRE Real Estate Listing Agreement for City Owned Land in COR Purpose/Background: The purpose of this case is to consider extending the listing agreement with CBRE for some of the City owned land held for resale. The City currently lists some of its own property utilizing Costar/Loopnet and MNCAR through the Anoka County access. City Staff has been satisfied with the work of Brian Pankratz with CBRE on the current listings and we communicate frequently. The proposed listing agreement with CBRE would be from February 1, 2024 - January 31, 2025. It should be noted that CBRE only lists some city -owned property in the COR and does not list properties outside of the COR. City -owned properties outside of the COR are listed on Loopnet and MNCAR. There are currently two active purchase agreements on CBRE listed parcels. The purchase agreements are for Parcels 46b and 46c and include a 200 unit Apartment project by Norhart and a 110 unit detached town home development by Centra Homes. In 2023, the City closed on the Hilton Home2 Suites and ALDI sites and both have pulled permits and are under construction. CBRE has been listing and marketing Parcel 46d, Parcel 42a Parcel 47f, Parcel 48a, Parcel 48c and Parcel 50c.(See attached COR Parcel Map) Staff and CBRE are currently working with multiple users for Parcel 42a to complete the Aldi Development. Development interest has slowed for Parcel 50c due to the pending construction of the interchange on Hwy 10 at Ramsey Boulevard but staff expects interest to increase once the project starts and it gets closer to completion. Having a reputable company like CBRE helps broadcast our available sites to a large group of contacts/clients as noted in the 2024 City of Ramsey Land Review and 2024 Prospect List provided by CBRE. Notification: None required Time Frame/Observations/Alternatives: The listing agreement is proposed to be extended 1 year to January 31, 2025. All other terms and conditions remain the same as July 10, 2019 Listing Agreement. The following changes (and current status) have been made to the properties on the attached listing agreement below: 1. Parcel 50c- 28- 32- 25- 41- 0024 2. Parcel 47f- 28- 32- 25- 23- 0020 3. Parcel 16a - 28 32 15 22 gncQ Hilton Home2 Suites 4. Parcel 46b, 46c and 46d- 28- 32- 25- 22- 0076 5. Parc-:•? nth 7991 Sunwood Drive- 28 32 15 23 0012 - ALDI 6. Parcel 42a- 7990 Sunwood Drive- 28- 32- 25- 23- 0023 7. Parcel 12c 7992 Sunwood Drive 2 Y 72 25 27 4Q-14 ALDI 8. Parcel 48a - 28- 32- 25- 24- 0017 9. Parcel 48c- 28- 32- 25- 31- 0025 Per direction from Staff and the EDA last year, CBRE has installed new real estate signs as identified on the map. Brian Pankratz, CBRE, will be in attendance to answer questions.