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<br />. <br /> <br />PSD continues to work on dealings with clinics. They are on the radar with one clinic; <br />this has become a timeframe issue. <br />PSD continues to work with two hotels and a fitness center <br />Banking: Early on, Community Bank had an exclusive right on the entire Ramsey Town <br />Center project, which the City did not approve of. Community Bank sold PSD the option <br />as a result of his land negotiations. They were well down the road with Klein Bank, but <br />the bank backed out due to issues with street construction. PSD was in discussions with <br />another bank; however, after the recent newspaper article the major investors determined <br />to look into St. Paul as a location instead of Ramsey Town Center. Curt Martinson had <br />been hired to facilitate and pull that deal together, but he does not know that it can be <br />salvaged. <br />Plaza Building: Bolton & Menk, Inc. is located in this building; PSD continues to work <br />with the 10th District Court. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />Mr. Deal provided an overview of the following major problems perceived by PSD in Ramsey <br />Town Center: <br />· Financial assistance: The first question asked by companies PSD has tried to attract is <br />what assistance is available. There is no assistance offered, which becomes an issue of <br />support. <br />· Newspaper article: The recent newspaper article caused a dilemma, and there is a need to <br />develop a positive spin. <br />· Marketing group: The marketing group was coming along well. This group perceived <br />the City's elimination of funding to The Tinklenberg Group as the City backing out. A <br />party is needed to facilitate this group. This is a role he would hope the City would be <br />involved in. <br />· Results from the study group: A written agreement was reached with the Nedigards and <br />the banks to complete an in-depth analysis of the project. PSD brought together 12 <br />people, including developers, banks, and real estate lawyers. $170,000 was spent on the <br />study, which included an in-depth appraisal done by a noted appraisal group. Mr. Deal <br />provided Council with information on the appraisal. He expressed concern in the length <br />of time something of this size and magnitude can sit quiet without concern. The <br />challenge for the City will be how to match the financial reality to the vision. <br />· City option: The determination of PSD's attorney was that if the Ramsey Town Center <br />property goes into foreclosure the option will be eliminated. In discussions with the <br />former city administrator and a couple of councilmembers, they discussed that the option <br />be taken care of prior to foreclosure. PSD put about $25,000 into the project and was <br />down to the remaining stages with the hotel and fitness center. Council approved an <br />agreement to keep moving ahead, but then later rescinded the agreement and said the <br />option cannot be taken down. PSD does not have a problem with that. How to proceed <br />with that is in the City's hands. PSD is proceeding with the hotel and fitness center on <br />their site. <br />· Alignment of Armstrong Blvd and Sunwood Drive: There is concern from business that <br />they are being neglected on this side of the street. This statement is made as a good <br />gesture to inform the Council there is a feeling out there of that nature that should be <br />dealt with. <br /> <br />City Council Work Session / February 27, 2007 <br />Page 4 of5 <br />