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Member Schindel arrived at 7:45 a.m. Member Elvig stated he did not feel it was the City's intent to sell this property at a significant profit; rather, it is more important that the area be revitalized. He asked if ACE Solid Waste's proposed purchase of the property will bring tax dollars and employment into the City. Economic Development Coordinator Sullivan stated that the EDA has previously discussed the importance of balancing the need to seek out new businesses with fostering the relationships with its existing businesses; he stated that ACE is looking to expand in the City and the proposed sale represents an effort by the City to further its relationship with ACE. Chairperson Riley stated the EDA considered other uses for the property and weighed the fact that ACE does not have a specific project for the site at this time, but has indicated it will be an expansion of its existing facility. Economic Development Coordinator Sullivan stated that ACE has committed to a building of approximately 12,000 square feet, which provides value. He added the City was unable to quantify jobs for the project, but noted that ACE is not asking for any financial assistance on the property. He felt that any other business would likely ask for financial assistance on this site. Economic Development Coordinator Sullivan stated that typically, based on job creation and market value of a site, assistance amounts have been in the area of $100,000 for these types of sites; under this TIF scenario, the City would be looking at a net purchase price of $105,000 and a commitment for the creation of four jobs for this site if another business was interested. Member Elvig stated the sale would also be putting something back into the City's future tax base. Motion by Member LeTourneau, seconded by Member Kiefer, to recommend to the City Council the sale of Lot 1, Block 4, Gateway North Industrial Park Plat 2, to Ace Solid Waste, based on the terms and conditions of the Purchase Agreement at a stated sale price of $286,000. Motion carried. V oting Yes: Chairperson Riley, Members LeTourneau, Kiefer, Elvig, and Schindel. Voting No: None. Absent: Members Steffen and Strommen. Mr. Berkopec expressed his appreciation to the EDA for its support of the company's business in Ramsey. He added the company feels very fortunate to have a good working relationship with the City. Chairperson Riley stated the City appreciates the fact that ACE has been a good corporate citizen. Case #2: Recommend Sale of Lot 2, Block 1, Sunfish Lake Business Park Fourth Addition Economic Development Authority/October 18, 2007 Page 3 of 9