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Member Karpen asked the projected opening date if all approvals have been gained. <br />Mr. Asta estimated that if all approvals are gained, they would plan to open three years from today. <br />He believed that timeline would provide sufficient buffers, so it could open earlier than that date. <br />Member Stewart asked the vacancy rate on the other properties they manage and operate. <br />Mr. Asta explained that about 50 percent of their projects are affordable housing projects, which <br />is different than market rate, amenity rich rental project proposed fo ' amsey. He stated that <br />generally they have 92 percent occupancy but recognized there are • . ' . 'ables. <br />Member MacLennan referenced the retail space and asked if <br />buildings, and if so the type of businesses that typically go in <br />Mr. Asta replied that it is very typical for them to ha <br />explained that the user ranges, noting a current pr <br />that the market varies based on location and the <br />plan for active uses that the residents will enjoy as a <br />would be located in the southwest corner. <br />Member Karpen asked the type of parkin that would be availa <br />been done in other Roers <br />ose spaces. <br />to 10,000 sq eet of retail and <br />a bank and re t. He stated <br />terested in. H ed that they <br />stated that e retail space <br />the retail space. <br />Economic Development Manager Sullivan c mmer'ited that the prosed site plan includes more <br />than enough parking for the site between the surfApe and underground parking and there would <br />most likely be some stall or retail use dimming certain hours. He stated that there is also a <br />hotel next door and pa soft ilding may walk over to the retail space. <br />Motion by Member MacLennan, conded by M tuber Karpen, to recommend City Council <br />approval of Pur se Agreement and Right of Re -Entry Agreement as presented; subject to City <br />Attorney r <br />Mot* carried. Voting Yes: Chairperson Wiyninger, Members MacLennan, Karpen, Riley, and <br />Stewart. Voting No: None. Absent: Members Johnson and Lindahl. <br />5. ME <br />/ STAFF <br />DATE <br />Economic Develop . anager Sullivan commented on the success of the recently held <br />Business Expo, notin: e positive feedback he has received from vendors. He also provided a <br />brief update on deve .pment projects within the City pipeline, as well as the interest he has <br />received for additional investment in Ramsey. He believed the June EDA meeting would likely <br />be canceled. <br />Chairperson Wiyninger thanked staff for the great work on the Business Expo. <br />6. ADJOURNMENT <br />Economic Development Authority/ May 8, 2025 <br />Page 3 of 4 <br />