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<br />Case #2: <br /> <br />Town Center Economic Development <br /> <br />Economic Development Coordinator Sullivan stated Mr. Patrick Hart and Mr. Steve Johnson are <br />present to discuss the area adjacent to Cobom's and a potential restaurant idea in that area. They <br />are not coming to the Board to receive funds from the Revolving Loan Fund, but if they are <br />interested in doing this restaurant project they may seek funding from this body or other <br />available sources in the City. This is an informational meeting. With the previous case the <br />Board heard from the industrial side, and they wiIl now hear from the commercial side with a <br />developer perspective from the Town Center area. <br /> <br />Mr. Patrick Hart, Solomon Company, stated they appreciate this opportunity to voice opinions <br />and get feedback from the Board. Solomon Company has made a commitment of approximately <br />$17.5 million in the City of Ramsey. They feel as an investor/developer they are about 14 to 24 <br />months ahead of the curve of the growth anticipated for Ramsey Town Center. Mr. Hart stated <br />the biggest challenge they have faced as owners of the center is the identity and the synergy that <br />is lacking. No one knows Ramsey Town Center is there until they have already passed it. Mr. <br />Hart provided an overview of the fallowing issues associated with Solomon Group's ownership <br />in Ramsey Tov.m Center: <br /> <br />. <br /> <br />Tenant status <br />Adverse effects of the train whistle in trying to obtain a restaurant commitment <br />Challenge in getting the quality user in at the beginning of Ramsey Tovm Center at a rent <br />level they can afford that includes a profit or break even point with Solomon Group as the <br />owner <br />Past efforts of the marketing group in relation to branding for Ramsey Town Center <br />o Assistance with the signage that has been approved to identify Cobom's and a <br />handful of the users in Town Center would be apprecia.ted. <br />o The marketing group had discussed the possibility of financing assistance as it <br />relates to the branding initiative, as well as the possibility oftax relief options <br />Need for a collective commitment to say what they can do to bring vibrant activity into <br />Ramsey T ovm Center <br />Concern regarding the development being spread further to the north <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />Mr. Hart stated he is coming to the Board with a request that they collectively need to identify <br />.and brand this project. If Solomon Group comes to the Board with the right user and situation he <br />would like their support in some way. The cost of sign that has been approved to identify <br />Coborn's and tenants is $80,000, and there could be some other signage that would help support <br />and identify Ramsey Tov.m Center. <br /> <br />Economic Development Coordinator Sullivan commented the EDA has had many discussions <br />about putting up monument signs and facilitating branding for the City of Ramsey. There could <br />potentially be interest from tlus group in partnering with signage that would help both entities. <br />The EDA's only funding source for potential gap financing is the Revolving Loan Fund. This <br />fund currently does not allow use for retail~ but the guidelines were put in place by the EDA and <br />could be revisited by the EDA. <br /> <br />Economic Development Authority/March 8,2007 <br />Page 4 of9 <br /> <br />4 <br />