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Member Olson aye <br />Chairperson Wiyninger aye <br />Member Lindahl aye <br />Member Riley aye <br />Motion carried. <br />4.02: Consider Extension of CBRE Real Estate Listing Agreement for City -Owned Land <br />in COR <br />Economic Development Manager Sullivan presented the staff report. <br />Brian Pankratz, CBRE, stated that it has been ten years since they began listing properties in the <br />City of Ramsey. He commented that residents wanted restaurants and retail, but he let them know <br />they would need more housing and daytime workers to attract those industries. He stated that it <br />has been great to see the development that has happened with the apartments, industrial area, and <br />retailers that have begun to come. He stated that the completion of the Highway 10 improvements <br />will also help with transportation and investment in Ramsey. He commented that with the west <br />side of the COR filling out, parcel 50c will attract more interest. He noted that the hotel will also <br />help to attract more businesses to the City. He stated that construction costs remain high but have <br />leveled out and hopefully financing rates will stabilize as well. He also provided a general update <br />on the climate for different types of development. <br />Member Riley commented that with the changes on Highway 10, it would make sense to continue <br />this agreement for another year. <br />Economic Development Manager Sullivan reviewed the proposed change for the properties that <br />staff would market, which would leave CBRE to focus on commercial and retail within the COR. <br />Motion by Member Olson, seconded by Member Lindahl, to recommend to City Council approval <br />of the Listing Agreement with CBRE from February 1, 2025, through January 31, 2026, as <br />presented. <br />Further discussion: Member Lindahl disclosed that although she and Mr. Pankratz both work for <br />CBRE, they are in separate operating entities and there is no crossover in their business and is no <br />conflict of interest. <br />Chair Wiyninger noted that the EDA is recommending body and that official action on the <br />Agreement would need to be approved by the City Council <br />A roll call vote was performed: <br />Member Riley aye <br />Member Lindahl aye <br />Chairperson Wiyninger aye <br />Economic Development Authority/ January 9, 2025 <br />Page 3 of 5 <br />