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ECONOMIC DEVELOPMENT AUTHORITY <br />CITY OF RAMSEY <br />ANOKA COUNTY <br />STATE OF MINNESOTA <br />The City of Ramsey Economic Development Authority (EDA) conducted a regular meeting on <br />Thursday, January 12, 2023, at the Ramsey Municipal Center, 7550 Sunwood Drive NW, Ramsey, <br />Minnesota. <br />Members Present: <br />Chairperson William MacLennan <br />Member Chelsee Howell <br />Member Chris Riley <br />Member Shanna Stewart <br />Member Scott Wiyninger <br />Members Absent: Member Rachal Johnson <br />Also Present: Sean Sullivan, Economic Development Manager <br />Stephanie Hanson, Community Development Director <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 Authority/ January 12, 2023 <br />Page 1 of 3 <br />