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<br />Case # 2 <br /> <br />Consider Assistance Package for Arrow Signs <br />By: Sean Sullivan, Economic Development Coordinator <br /> <br />Background: <br /> <br />Arrow Signs is currently leasing in Hani Lake and has identified Ramsey as a potential place to <br />relocate. Arrow Signs is considering purchasing the Peck Construction building located at SW <br />intersection of Sunfish Lake Boulevard and McKinley Street. The owner is asking for assistance <br />to purchase, remodel and make substantial site improvements to this site. Attached is a letter <br />from Bruce Cardinal, the owner of Arrow Signs that outlines the intentions of his business. <br /> <br />The Peck site has been inactive for a period of time and the property is in need of some <br />improvements to brighten up this entry point into the industrial park. The improvements <br />proposed by Arrow Signs would improve the entry point to the industrial park and help \ <br />redevelop a site that has seen better days. Attached is a break-down ofthe eligible costs. <br /> <br />The Revolving Loan Fund (RLF) has a balance of approximately $192,000. The owner would <br />like to get an idea of how much the EDA would support in assistance for this project. The owner <br />will submit a RLF Application to be considered at the June meeting to finalize the request for <br />assistance. This project is located in TIF District No.2 and there are sufficient funds to fully <br />reimburse the parking lot request. All assistance packages should meet the City policy for tax <br />base creation and job growth. Staff is looking for direction as to how much assistance the EDA <br />would support for this project. <br /> <br />Funding Source: <br /> <br />EDARevolving Loan Fund / TIE District No.2 <br /> <br />Recommendation: <br /> <br />EDA support an assistance package of$110,000 which includes $75,000 from the RLF and <br />$35,000 from TIP No.2, contingent on meeting the qualifications of a completed RLF <br />application and review. <br /> <br />EDA Action: <br /> <br />Based on discussion <br /> <br />] <br />Enclosures: <br />Arrow Signs Letter <br />Map of Site <br />Cost Break-down <br /> <br />EDA: 5.15.08 <br /> <br />17 <br />