Agenda - Economic Development Authority - 02/14/2008

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Case # 5 CONSIDER SALE OF 6590 141 st AVENUE NW By: Sean Sullivan, Economic Development Coordinator Background: The City of Ramsey has been working Production Design Products for a number of years to consider improving the image from Bunker Lake Boulevard. Recently the ownership of that company has changed and the new owner is very proactive in trying to grow the company. Included in his desirable growth plans are building improvements and operational changes. The changes would include re-facing the fac;ade of the building, relocating the truck dock and adding an additional 5000 SF of manufacturing space. The Dock relocation and the expansion of the site create the need for acquisition of the site adjacent to the business. Attached in a letter from the company's owner is a brief history of this company and its intention to grow in Ramsey. There is a request for assistance for this project and it appears as if both Tax Increment and the Revolving Loan fund would be good fits. The negotiated Assistance Package would be based on City Council guidelines that like to see one job created for every $25,000 of assistance provided. Recommendation: Staff recommends to negotiate the sale of 6590 141 st AVENUE NW to Production Design Products or its legal entity if the dock is relocated, 5000 SF of new manufacturing space is built, four new jobs are created and a new faced of the building is installed, and to make that recommendation to City Council. Funding Source: TIF District No.2 and the Revolving Loan Fund EDA Action: Motion to recommend Staff to negotiate the sale of 6590 141 st AVENUE NW to Production Design Products or its legal entity if the dock is relocated, 5000 SF of new manufacturing space is built, four new jobs are created and a new faced of the building is installed, and to make that recommendation to City Council. EDA: 02.14.08 21