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<br />Case # 3 <br /> <br />CONSIDER SALE OF LOT 1, BLOCK 1, GATEWAY NORTH INDUSTRIAL PARK PLAT 2 <br />By: Sean Sullivan, Economic Development Coordinator <br /> <br />Background: <br /> <br />The City of Ramsey has been working with TAG Machine to locate a 10-15,000 SF manufacturing facility to <br />Gateway North Industrial Park Plat 2. Tag Machine currently employs 10 and anticipates hiring an additional <br />10 persons within two years of moving into the new facility. They are currently located in the Multi-tenant <br />building at the comer of 143rd Avenue and Ramsey Blvd. The project will be valued between $900,000 and <br />$1,000,000 upon completion. The project will generate approximately $29,000 annually in property taxes. The <br />negotiated TIF Assistance Package will be based on City Council guidelines that like to see one job created for <br />every $25,000 of assistance provided. Attached to this case is a letter of intent identifying what the company <br />would like to pursue in Ramsey. <br /> <br />Founding Source: <br /> <br />Tax Increment Financing District No.2 <br /> <br />Recommendation: <br /> <br />Staff recommends approval of the sale of LOT 1, BLOCK 1, GATEWAY NORTH INDUSTRIAL PARK <br />PLAT 2 to Tag Machine or its legal entity and to make that recommendation to City Council. <br /> <br />EDA Action: <br /> <br />Motion to recommend sale of LOT 1, BLOCK 1, GATEWAY NORTH INDUSTRIAL PARK PLAT 2 to Tag <br />Machine or its legal entity and to recommend this action to City Council. <br /> <br />EDA: 02.14.08 <br /> <br />16 <br />