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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 for Ramsey. He stated that <br />generally they have 92 percent occupancy but recognized there are many variables. <br />Member MacLennan referenced the retail space and asked if that has been done in other Roers <br />buildings, and if so the type of businesses that typically go into those spaces. <br />Mr. Asta replied that it is very typical for them to have 5,000 to 10,000 square feet of retail and <br />explained that the user ranges, noting a current project that has a bank and restaurant. He stated <br />that the market varies based on location and the retailers that are interested in. He noted that they <br />plan for active uses that the residents will enjoy as an amenity. He stated that the retail space <br />would be located in the southwest corner. <br />Member Karpen asked the type of parking that would be available for the retail space. <br />Economic Development Manager Sullivan commented that the proposed site plan includes more <br />than enough parking for the site between the surface and underground parking and there would <br />most likely be some stalls marked for retail use during certain hours. He stated that there is also a <br />hotel next door and patrons of the building may walk over to the retail space. <br />Motion by Member MacLennan, seconded by Member Karpen, to recommend City Council <br />approval of Purchase Agreement and Right of Re -Entry Agreement as presented; subject to City <br />Attorney review. <br />Motion carried. Voting Yes: Chairperson Wiyninger, Members MacLennan, Karpen, Riley, and <br />Stewart. Voting No: None. Absent: Members Johnson and Lindahl. <br />5. MEMBER / STAFF UPDATE <br />Economic Development Manager Sullivan commented on the success of the recently held <br />Business Expo, noting the positive feedback he has received from vendors. He also provided a <br />brief update on development 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 />