Laserfiche WebLink
<br />Industrial Park Plat 2. Tag Machine currently employs 10 and anticipates hiring an additional 10 <br />persons within two years of moving into the new facility. They are currently located in the multi- <br />tenant building at the comer of 143rd Avenue and Ramsey Boulevard. The project will be valued <br />between $900,000 and $1,000,000 upon completion. The project will generate approximately <br />$29,000 annually in property taxes. The negotiated TIF Assistance Package will be based on City <br />Council guidelines. Mr. Sullivan advised staff recommends approval of the sale of Lot 1, Block <br />1, Gateway North Industrial Park Plat 2 to Tag Machine or its legal entity and to make that <br />recommendation to City Council. <br /> <br />Member Kiefer inquired what the EDA has invested into the lot and what they hope to receive <br />for the sale. <br /> <br />Economic Development Coordinator Sullivan stated the lot was purchased for $315,000 which <br />includes the building and relocation. The per square foot cost of the lot is in the range of $2.75 to <br />$3.50 per square foot. The cost is currently being proposed between $3.25 and $3.50 for the site, <br />writing it down with tax increment financing. <br /> <br />Motion by Member Strommen, seconded by Member Kiefer, to recommend sale of Lot 1, Block <br />1, Gateway North Industrial Park Plat 2 to Tag Machine or its legal entity, and to recommend <br />this action to City Council. <br /> <br />Motion carried. V oting Yes: Chairperson Riley, Members Strommen and Kiefer. Voting No: <br />None. Absent: Members Elvig, LeTourneau, and Steffen. <br /> <br />Case #4: <br /> <br />Zip Code Letter to US Post Office <br /> <br />Economic Development Coordinator Sullivan. stated a letter was sent by staff on January 18, <br />2008 requesting a zip code assignment for the City of Ramsey. Included in the packet is a copy <br />of the letter sent to the Minneapolis Post Office. <br /> <br />Case #5: <br /> <br />Consider Sale of 6590 141st Avenue NW <br /> <br />Economic Development Coordinator Sullivan reviewed that the City of Ramsey has been <br />working with Production Design Products for a number of years to consider improving the image <br />from Bunker Lake Boulevard. Recently the ownership of the company has changed and the new <br />owner is very proactive in trying to grow the company. Included in the growth plans are building <br />improvements and operational changes. The changes would include re-facing the fa<;ade of the <br />building, relocating the truck dock and adding an additional 5,000 square feet of manufacturing <br />space. The dock relocation and the expansion of the site create the need for acquisition of the site <br />adjacent to the business. In the past there has been discussion regarding the use of the Revolving <br />Loan Fund for things like improving facades of projects along the Highway 10 corridor. <br /> <br />Economic Development Coordinator Sullivan stated there has been a request for assistance with <br />this project. He advised there should be consideration of requesting a trail easement along the <br />boulevard and the potential for a land swap resulting in the City owning the triangular piece of <br />land where the dock is currently located. Staff is looking for authorization to move forward and <br /> <br />Economic Development Authority/February 14, 2008 <br />Page 6 of8 . <br /> <br />6 <br />