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Home My WebLink About3. Marketing Goals for Rosemount Business Park i DISCUSSION OUTLINE ROSE'Vi IOUNT BUSINESS PARK 1. A. Image for Business Park °�z G�. • Light industrial? � • Commercial? � • Retail? B. ArchitecturalImage � • Buildings • Site - screening Outdoor storage? �„ ..� C. Lot S ize �� • Minimum/maYimum ��---� �,� a 2. Economic Development Incentive �j < A. Criteria - Tax base i, �� Employment base � � B. Are we going to use them at all? Thresholds � � C. Create an Economic Development District ='�3. Options for Sale ---��..� �, ��,��' �--�.�, �,;,4 `�-` \ A. Entire 80 acres with controls � ; -'�� `� ,�� .��u-� B. Have someone mana�e for us �i��j . S' r` V ci'.... , ,*�i C. Partnership with master planner � " �-�� We hold land with quaranteed take down D. Sell portions 1. If we have agent ... • Exclusive listings • Commission on sales E. Spec Building • Incubator space • Partnership 4. Timing A. RFP B. Sale 5. Miscellaneous Discussion A. Purchase of Additional Land • Accommodate rail access • Voluntary sales/acquisition B. DJith a list of standards - pricing meeting our goals? Can we streamline review process? Issue building permits with staff review? C. Sign • Do we do one? • Assigned to developer? 6. Other Discussion 12�09�94 12:26 CARROLL LAW OFFICE LTD � 1 612 423 5c03 D02 � . , �- � 1�� - ��- � TENTATIVE AC��I�DA �3pECIAL MEETING, RQSSMOUNT POR'Z' AUTSdRI'�,'Y k[ODIDAY, F�BRtIARY ZI, 1994 at 6:30 p.m. I. Businass Park Tssues A. Pricing Strategy (Land Cost) -Coneideration of Ci.ty' � cos� per acre or per sq. ft. -5houYd cost fi�o purchaaere bs based upon develvpable land or total acreage? -Shdul.d our sale price deal exclusively with land cost, or ehauld the price also reflect infxastructure costs2 -Under what circumstances, i� any, should we consider devia�ing fram whatever pricing strategy we adopt? -What typa of financing assistance, �.f any, should we ct to a ros ective consider prov�da.ng with respe p p purchaser' � land coste? 8. znfrastsuctur� Costs/Options/Proc�dures/Schedule -Review of prajeetions re: infrastructu�e costs (in total, and pe� acre or per sg. ft. ) -Do we want or need to consider r�dua�ng these costs? -If eo, what options exist far doing so� and what cost eavings wiYi result2 -What "leve�." of infrastrucure quality, or what types of amez�ities, wi11 be expacted or desired by prospec�ive puxcha�ers� �In th�e interest of raducing in�.tial. overhaad, do we have �he option of providing some of �he infrastructure now, wi,th the r�st �o be prdvided when or as need�d or desired? (Example: sidewalks2 ) -Ponding/Wetland issues; should these areas be includad wrhen adjoining dovolopable land is sold, with the City vr Port Authority retaining ponding easemants? �r should the City or P.A. retain ownersh�.p bf these areas? -To what extent are (or ahould) i.nfragtructure deGisiona be related to overall marketing e�rategy? Do we want to focus on large lo� developers (5 to 10 acres) , or the smaller dev�lopers ( 1 to 2 acres) who have shown aome interest, or do we want to "take them as they corae?" Do large and sma11 developers have different n�eds or expectations with respect to infrastructure "quality?" 12i09i94 12:27 CARROLL LAW OFFICE LTD � 1 612 423 5203 D�3 -What aources exist, ox can be developed, to provide the funds needed for these improvements? Bonds? Tax increment funds? General revenue? Cvntributions from Dakata County for CSAH 42 improvements? Aeaesaments against nearby property owners? -What options exist for recovering these cogts from the purchasers of business park lots? Asaessments? Contractual allocations (i.e. , through purchase agreements or development centracts) ? -Can o� ehould portiona of the business park be treated differently with respect to the assessed or aYlocated in�rastructure co�ts (i.e. , "Bueinesa Parkway lots" vs. "Bi�cayne Avenue lots" ) ? -What type o� financing assistance, if any, should we consider providing �o help deve�opezs handle these costs, and what types of guarantees ar security ghould we expect in exchange far any such as�istance? -Can we now authdrize the preparation of plans and specifications for the ��rst phese of construction, and what is the procedure for obtaining a tempor�ry driveway permit to allow grading prior to the completion of Businec�s Parkway? C. Future Business Park Development -Da we want to puraue the acquisition of so�e of the lan;d near the railroad tracks in order to impzave our development optione in th� northwest aornar of the park? -Tf so, what are we willing to pay for the land? How would we pay for tha land? -Do we want ta acquire an option on some of the land to the gouth? Ts so, how much lan►d? How much would we be wiXling to pay, and how woul.d wa finance any such payment{s} ? 12i09i94 12:27 CARROLL LAW OFFICE LTD � 1 612 423 5203 D�4 Hu�ins�a Park L�rid Cast�/I��XastruCture Palicv 1. The Port Authority' s tarqet price for the sale of business park property shall be $13,0OO.Od per acre. This target price is based upon a preliminary estimate of $ .30 per square foot (of developable area) for the Port Authority' s costs of acquiring the business park property. 2. The Part Authority $hali review the initial target price periodically, but not lees than annually, and res�xvea the right to adjust �he target price at any time, and at i�s sole discretion. 3. The Port Authosity may conside� aelling a par�el o� bu��ess park property at a price below the target price, after cansidering factors which include (but are not limited to) the �ollowing: a. The number and income level of jobB that will be created by the sale of the property. b. The aesthetic� af any proposed use of the praperty. c. The �elativa visibility and/or accessibility af the praperty. d. The financial terms (for the purchase of the property} proposed by the prospective purchaser. e. The beneficial impact of i�itial sales on the Port Authority' a banded indabtedness (i.e. , interest reductions) . f. Any ather �e�evant facta�s tha� may be iden�itied by the Port Author�ty or i�s staff. 4 . Tnfr�structure coste gha11 be allacated �n the basis of de�el4pabl� area and, at lea�t initially, ahall be based upvn the "small lot aption" identified by the Port Au�hority' e cnng�ltants. 5. The purchaser of a lot located in the portion of the business park designated as ��Axea 1�� by the Por� Authority' s consultants shall be r�quired to pay its allocated shara of the total costs of the infragtructure improvementg that are xnade in Ar�a I . The allocated share shall be a percentage deterinined by dividing the purchaser' s develapable acreage by the total developable acreage in Area 1 of the business park. 6 . Portions of the future '�hoZding pond" on the east side o� Area 1 shall be sold to the purchasers of the adjacent developab7.e land, with a strip of land around the perimetex of the holding pond to be dedicated to the City for pa.�k area, and with a dxainage easement over tha holding pond to be sold to the City' s uti�ities commission.