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October 16,2013 EDC Meeting <br /> Supplemental Notes <br /> Page 3 <br /> o Land Market Report (2Q-2013) 2 page document summarizes closed land sales activity <br /> for the last year. <br /> o Development List(2Q-2013) 3 page document of current projects and development <br /> sites around the metro area. <br /> No action is requested at this time. <br /> D. Update on Ehlers financial analysis <br /> As you might recall at the last EDC meeting in September, our marketing partners with Colliers and <br /> Ryan talked about the need for flexibility in looking at different development options for the east side. <br /> For example, if the City wanted to attract activity sooner it might want to consider subdividing Block F <br /> (two 40,000 SF buildings) rather than waiting for a larger user. Another option might be to hold out <br /> for a larger user by combining one or more blocks (F/E or E/D) together to achieve higher densities. <br /> Another twist is the uncertainty surrounding the MPCA's pending policy guidance on dump <br /> development and what happens if the City cannot develop on Blocks B and E. Among the alternative <br /> is shifting some of the lost development density to other blocks (A, F and D. There are numerous <br /> iterations, each with a different impact financially and policy-wise. <br /> Staff is still working with Ehlers and the Ryan/Colliers team on a reporting tool that captures these <br /> variables. The goal is to create a dashboard analysis that shows the minimum level of development <br /> needed to support debt service payments (i.e. based on development in the ground and pending) and <br /> then what happens as different assumptions are adjusted on the east side. To the extent development <br /> density is higher or happens sooner, the City could possibly achieve a better return on its investment. <br /> As this report was being drafted, the dashboard was still a work in progress. There are a couple pieces <br /> of information we need, but we'll share what we have on Wednesday. The City Council is requesting <br /> an update at their work session on October 22"d <br /> No action is requested at this time. <br /> Next Meeting: Wednesday,November 20t (7:30 AM) <br /> Attachments: <br /> o New Brighton Exchange Framework Plan <br /> o Colliers Monthly Marketing Report <br /> o Colliers 2Q-2013 Office, Land and Development Reports <br />