Agenda - Economic Development Authority - 10/10/2024

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4. 2. Economic Development Authority (EDA) Meeting Date: 10/10/2024 Primary Strategic Plan Initiative: Promote economic growth and development. Title: Consider Sale and Select Developer for Outlot D, Waterfront Village (Moved from Agenda item 4.1) Purpose/Background: The purpose of this case is consider the sale and selection of developer for Outlot D, Waterfront Village. The EDA may choose to go into closed session pursuant to Minnesota Statutes section 13D.05, subdivision 3(c)(3) to consider offers or counteroffers for the purchase or sale of real or personal property. If the EDA chooses to enter into closed session the statute and reason above needs to be referenced along with legal description (Outlot D, Waterfront Village) and the Anoka County Tax ID number 28-32-25-22-0107. Over the past year, Staff has been working with multiple developers, Anoka County and the City Planning division to develop a site concept that maximizes the development of the northeast corner of Sunwood Drive NW and Armstrong Blvd NW (Outlot D, Waterfront Village) The proposed concepts/end users include Quick Service Restaurants (QSR), Coffee, Oil change and a gas station with a stand-alone car wash. Staff asked each developer to provide a Letter of Intent (LOI) including a formal offer and preliminary site plans for staff review and comment. Staff has worked with Anoka County to secure a "Right in Only" for this site off of Armstrong Boulevard NW and all developers understand this limitation and the responsibility to construct a turn lane into the site at the cost of the developer. Development of this site is difficult with the wetland complex to the east and the southern access off the roundabout. Each developer has been asked to attend the EDA meeting to provided a summary of their proposed project, timeline and to answer questions the EDA might have. Staff anticipates that the EDA will go into closed session to discuss potential offers for the site. Notification: N/A Time Frame/Observations/Alternatives: Staff is anxious to present multiple offers from multiple developers to develop Outlot D, Waterfront Village. The City of Ramsey has prepared the site for development with the COR mass grading project. The triangular site has difficulties being bordered on the east by a large wetland complex and Armstrong Boulevard on the east but it has great visibility and traffic count information. Staff believes it has 3 viable offers for the site and is looking for the EDA to evaluate each offer and provide a recommendation to staff on which developer to work with on a purchase agreement. All developers will bring a portion of the site back onto the tax rolls with varying timing, different end users and building sizes. Each developer will be given an opportunity to present its project to the EDA and to field questions. Once the presentations are complete staff is suggesting that the EDA go into closed session pursuant to Minnesota Statutes section 13D.05, subdivision 3(c)(3) to consider offers or counteroffers for the purchase or sale of real or personal property. If the EDA chooses to enter into closed session the statute and reason above needs to be referenced along with legal description (Outlot D, Waterfront Village) and the Anoka County Tax ID number 28-32-25-22-0107. When evaluating the projects the EDA should consider the following items: • End users (what does the City want? or need?) • Highest and best use (does the developer maximize current and future development for the site?) • Offer price