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<br />Member LeTourneau suggested the findings presented at the TH 47 alignment meeting be <br />brought to the 16ih Avenue/Hwy 47 Commercial Node meeting with the landowners. <br /> <br />The EDA reviewed the Staff Update, including community revitalization projects and <br />miscellaneous properties. <br /> <br />Community Development Director Trudgeon provided the Board with an update on the Ramsey <br />Crossings project. He informed the Board that Target has an interest in the Ramsey Crossings <br />project and has said if it is the right deal and'right timing they will be in Ramsey. There are <br />many particulars to the details, but basically the City is in discussions with Target regarding a <br />possible 132,000 square foot building, which would not include groceries. The City would <br />redevelop and put out an RFP for the area around Target. Staff is presently preparing a term <br />sheet to present to Target by tomorrow. Mr. Trudgeon indicated that regarding to the eminent <br />domain proceedings, staff will be attempting to negotiate purchase agreements and set a timeline. <br />However, ultimately if the project will move ahead and there are property owners that do not <br />agree to a purchase agreement, Council will be faced with a tough decision. Staff has identified <br />potential funding sources for this project, and there may be a discussion coming back to the <br />Board regarding the use of the EDA Fund. <br /> <br />Economic Development Coordinator Sullivan stated the EDA may be asked to participate in this <br />project. In those discussions it would be an investment on behalf of the EDA with a return. <br /> <br />Member LeTourneau asked if it would be appropriate for an EDA member to sit in on City <br />Council meetings where this project is discussed to be more informed on the process. Member <br />Elvig replied the City Council meetings have been closed session discussions at this point due to <br />the eminent domain factor involved. He commented on the need for more rooftops or a big box <br />generator to drive the commercial and service uses in the community. Two developers have <br />backed out from this entire project due to the profit margins associated with the price Target will <br />agree to and the cost of massing the ground and putting in improvements. He indicated with <br />Target on the site the City can hold the ground less expensively than a private developer is able <br />to. He believes this is a great investment for the EDA and the City, potentially getting the big <br />box generator needed to make this whole area work. <br /> <br />Economic Development Consultant Mulrooney explained what is occurring in the development <br />community today is that big box retailers have shifted to owning their own property instead of <br />leasing, which does not leave much for the developers to own. The development community is <br />no longer getting the rents of the big box and need to be willing to sell property to the big box <br />developers. . <br /> <br />Community Development Director Trudgeon indicated the Board will be provided with further <br />updates regarding the Ramsey Crossings project. - <br /> <br />Member Elvig left the meeting at 9:34 a.m. <br /> <br />MEMBER INPUT <br /> <br />Economic Development Authority/April 19, 2007 <br />Page 6 of7 <br /> <br />6 <br />