05/12/94 - Laserfiche WebLink

Home

Recently moved his business from Texas to Elk River to allow for better quality control of thc injection moldings. His company is currently making the change from a small company to a large, publicly owned, company. Currently working with Elk River to locate a new, larger facility in thc City. His main goal is the retention of current businesses and their expansion. He got into the business for organ transplantation after being a commercial diver in the North Sea. The EDC conducted a brief discussion with Mr. McGhee concerning his views and the EDC's questions about those views. Mr. Gromberg discussed with the EDC that two of the candidates, Virginia Spain-Brist and Mike Marquart wero unable to attend this meeting. Chairperson Wagner asked if a special meeting could be held to intea'view those candidates before the June meeting so a decision could be made at that meeting. Mr. Gromberg stated that he would contact both candidates to arrange this meeting. Case #2: Tax Increment Financing to Dennis Sharp's Proposed Multi-purpose Facility. The City of Ramsey has received a request from Mr. Dennis Sharp to review the possibility of the City providing some financial assistance through the TIF program. Mr. Sharp is proposing a three phase, multi-tenant facility with the following breakdown of square footage in each phase: Phase I Phase II Phase III 13,084 Square Feet 13,548 Square Feet 19,008 Square Feet Mr. Sharp has indicated that the first two phases will be completed by spring 1995, with the third phase to be completed after that, when the market would stand the additional space. As the letter to Mr. Sharp indicated, the City would provide $1 per square foot for the fLrSt tWO phases for a period of five to seven years. These funds would be based upon the property taxes being current and the property having a minimum tax value of $833,100. Mr. Stafki asked what the City's protection would be from the facility not being finished or being unrentable. Mr. Oromberg stated that no increment would be paid if the taxes were not current. The City would be protected by the Assessment Agreement which requires a minimum value before any payments are made. Chairperson Wagner asked how this would affect future requests for assistance. Mr. Gromberg responded that each project is reviewed under its own merits; if the performance is not there, then it is not a viable'project. The EDC reviewed the type of facility and its possible tenants. Motion by Commissioner Ullen and seconded by Commissioner Nelson to recommend that City Council provide assistance to Mr. Sharp's proposed facility as outlined in the City's letter dated May 4, 1994. Motion carried. Voting Yes: Chairperson Wagner, Commissioners Ullen, Nelson, Stafki and Kent. Voting No: None. Economic Development Commission / May 12, 1994 Page 3 of 4