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Economic Development Manager Sullivan presented the staff report. <br />Nick Asta, Roers Companies, provided background information on the experience that Roers has <br />in development throughout the metro area. He commented that Roers has been focusing on second <br />and third -ring suburbs in the last five years, and they continue to follow the growth north. He <br />stated that Roers is excited about the activity and development occurring within the COR in <br />Ramsey. He stated that this project would be 193-unit market -rate apartments ranging from studio <br />to three -bedroom units, and provided an overview of the amenities and comparable projects they <br />have recently completed. <br />Member Riley asked for information on the planned facade of the building that would face the <br />roundabout. <br />Mr. Asta commented that they do have a nice grand corner entrance, but welcomed any additional <br />input the EDA may have. <br />Member Stewart asked where the dog run would be located. <br />Mr. Asta commented that is near the entrance to the garage on the east edge of site. <br />Economic Development Manager Sullivan provided a sketch of the proposal and identified the <br />location of the planned amenities, pool and dog run. <br />Member Stewart asked if there would be sidewalks on Zeolite. <br />Economic Development Manager Sullivan was unsure. However, he stated that currently there is <br />a sidewalk that runs along the east boundary of the hotel on Zeolite, and would assume it would <br />continue down Zeolite. <br />Chairperson Wiyninger referenced the due diligence period and asked the percentage of projects <br />that go through to the closing table versus stall out during that period. <br />Mr. Asta replied that is difficult to answer, noting that most of the time, when a project does not <br />move forward, it is because the City voted it down. He stated that Roers has internally vetted the <br />project on its side. He noted the reviews that are done within the due diligence period and noted <br />that this longer period will allow them to ensure they can secure building permits at the time of <br />closing, which means they would not need to worry about a right of re-entry. <br />Chairperson Wiyninger asked if Roers holds, maintains, and manages properties they develop or <br />whether they sell them once they are developed. <br />Mr. Asta replied that the business model of Roers is to hold properties for the first ten years, but <br />they do have a long-term hold business model. He commented that there are instances when they <br />have had opportunities to sell and they accepted the offer. <br />Economic Development Authority/ May 8, 2025 <br />Page 2 of 4 <br />