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<br /> <br />February 6, 2008 <br /> <br />Sean M. Sullivan <br />City of Ramsey <br />Economic Development Coordinator <br />7550 Sunwood Drive NW <br />Ramsey, MN 55303 <br /> <br />Re: Letter oflntent <br /> <br />Sean, <br /> <br />ICM has been retained by TAG Machine, Inc. to represent them in the development of a <br />new manufacturing facility in the northwest suburbs of the Twin Cities. Based on <br />preliminary concepts, Tag Machine, Inc. will require approximately 10,000-15,000 <br />square feet. Our preliminary investigation suggests that the one acre site owned by the <br />City of Ramsey, along Bunker Lake Boulevard, meets the needs oftJ1e project. Project <br />will begin in 2008. <br /> <br />It is anticipated that this new facility will add upwards of 10 new jobs over the course of <br />the next 2.5 years and upwards of 15 over the next 5 years, with wages averaging <br />$15.50/hr. <br /> <br />It is therefore, the intent of Tag Machine, Inc. to pursue the formal application and <br />approval process to develop a new manufacturing facility in the City of Ramsey. <br /> <br />If this letter of intent is accepted, we will begin the process to satisfy our due diligence, to <br />include such issues as; site "analysis, site concept, etc. <br /> <br />The project is contingent upon the following: <br />1. Owner Approved Purchase Price on the lot <br />2. Conditional Letter of Approval from a qualified lending institution <br />3. Conditional Approval from the City of Ramsey <br />4. Feasibility approval from Owner <br />5. Maximum TIF Contribution <br /> <br />We would like to request a formal meeting the first or second week of February, to <br />review the City requirements and discuss our intentions. If this letter of intent meets with <br />your acceptance, please acknowledge with a checklist of required submittals. <br /> <br />S#P~. <br /> <br />Curt R. Crotty '7 <br />Principal Construction Manager <br /> <br />~?~ <br /> <br />George Pieper <br />Tag Machine, Inc. <br /> <br />5131 175"" Street, Chippewa Falls, W1547ii!!!iI <br />715-7ii!6-!!iI33D ph . 866-545-6881 I'x <br /> <br />18 <br />