Agenda - Economic Development Authority - 08/08/2024

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and they are open to a shared parking arrangement as long as it does not negatively impact their customers and employees. If a decision to move forward with the renovation, Staff would set up a meeting with the bank to discuss details and a potential agreement which likely would be dependent on the future use of the Old Town Hall building. Per an existing agreement (attached), the City already does have access to parking in the bank lot when the bank is closed. Potential Uses (New Information) In order to ensure that the historical building is preserved and isn't deteriorating, it would make sense to have it occupied in some capacity. This would ensure the utilities are operational, the building isn't leaking and it is secure from pests.(squirrels, bats, raccoons, mice, etc). a business incubator was listed as a potential use in the RCP study. Staff believes that a CPA, tax preparer, boutique retailer, or another office user that doesn't require many customers or workers would also be good uses of the space. Ideally, rent would recover the renovation costs quickly, but there is value in having a tenant "keep the lights on" to ensure the building remains in good working condition after the investment of the renovation has been made. Staff is looking for direction. For Quick reference, information provided in the April 9, 2024 work session case is below: Renovation History and New Pricing Estimate (Old information). The Citv worked with the U of M and Resilient Communities Project (RCP) to Dut toaether a 11 Historical Resort of the Old Town Hall (17A1 and 21 the Future of Ramsey Town Hall (17B). The Historical Report has been provided for reference but the focus of the discussion centers around the renovation and future use of this historical buildina in Report 17B. The report evaluated the Dros and cons of keeDina the buildina at its current location or movina it to the COR. The report concluded that leavina it in its current location would allow it to remain on the National Reaister and not risk damaaina the buildina bv movina it. The report then looked at what would be needed to renovate the buildina so it could be restored appropriately and be able to be occupied and used. Anv renovation would need to comply with the Secretary of the Interior's Standards for Rehabilitation as outlined in the RCP report. In order to maintain its place on the National Reaister. special care must be taken to restore the buildina as close to the oriainal conditions as possible. The report outlines the 2 maior steps necessary to aet to this point: 11 Climatization and 21 Pre-Occuoancv UDarade. In 2018. the cost to brina this buildina into operation was estimated to be $44.940. in 2019. the Citv re -roofed the buildina and repaired the eaves. In 2021 a private business asked the city to renovate the buildina and to lease it back for a boutiaue. Quotes for the renovation at this time were $111.900 to $139.270 based on increased costs of construction and inflation staff is estimatina a 50% mark-uD from the 2021 Dricina which would amount to a cost of $167.850 to $208.905. Parking / History (Old Information). When the First Bank of Isanti bouaht the land next to Town Hall and constructed its facility. a Declaration of Reciprocal Easements document was filed. (See attached) This document references a shared Darkina easement aareement between the Old Town Hall and the Bank that is permanent and perpetual. Other reauirements of the aareement include onaoina maintenance bv the bank with the Citv beina responsible for 29% of the maintenance costs within 30 days receipt of an invoice bv the Bank and hours that the Old Town Hall can use a portion of the bank Darkina lot excludina specific hours durina bank operation. Staff is not aware of anv invoices that have been issued to the City but will need to verify with finance. There was supposed to be an Exhibit as Dart of the recorded document bv KKE definina these areas better but unfortunately it is not Dart of the document of record at Anoka County. Staff has searched for records internally for the KKE Exhibit but have been unable to find it. Staff reached out to FlaashiD bank to see if they have anv interest in formalizina a new Darkina aareement that would make use of the Old Town Hall more viable. Unfortunately. FlaashiD Bank