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<br />Case # 2 <br /> <br />CONSIDER SALE OF LOTS 1 AND 4A TO PANTHER PRECISION MACHINE <br />By: Sean Sullivan, Economic Development Coordinator <br /> <br />Background: <br /> <br />The City of Ramsey has been actively negotiating with Panther Precision Machine to locate a 25-30,000 SF <br />expansion in Sunfish Lake Business Park. A general concept plan, which provides for construction up to <br />40,000 square feet, has been submitted and it is a good solution to a lot with soil issues. Panther Precision <br />Machine currently employs 30 employees and has hired 19 since relocating to Ramsey in 2003. As part of this <br />project, Panther will commit to hiring an additional 8 employees earning at least $14.00 per hour within 2 years <br />of moving into their new facility. Attached is a letter outlining the terms proposed by Panther. Generally <br />speaking the terms seem reasonable and Staff is prepared to recommend a land cost write down of $192,500 <br />which represents the reduction in necessary soil correction and pond relocation but does not credit the developer <br />with the storm sewer extension. The net cost to the developer would be $47,080. Theestiinated project value <br />would be $1,800,000 and the project would be completed no later than December of 2009. The project will <br />generate approximately $56,000 annually in property taxes. The proposed TIF assistance package is consistent <br />with City Council guidelines that likes to see one job created for every $25,000 of assistance provided. <br /> <br />Funding Source: <br /> <br />Tax Increment Financing District No. 10 <br /> <br />Recommendation: <br /> <br />Staff recommends approval of the proposed project, to convey the land necessary, and to finalize the terms of <br />the landscaping of the newly formed pond and residual property and to make that recommendation to City <br />Council. <br /> <br />EDA Action: <br /> <br />Motion to approve the proposed project, to convey the land necessary, and to finalize the terms of the <br />landscaping of the newly formed pond and residual property and to make that recommendation to City Council. <br /> <br />Enclosures <br />Letter to City from Panther <br />Proposed Site Plan <br />Copy of Sunfish Lake Business Park <br /> <br />EDA: 04.10.08 <br /> <br />27 <br />