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<br />Case # 2 <br /> <br />CONSIDER SALE OF LOT 3, BLOCK 1, SUNFISH LAKE BUSINESS PARK ADDITION <br />By: Sean Sullivan, Economic Development Coordinator <br /> <br />Background: <br /> <br />The City of Ramsey has been actively negotiating with JBT Machining and QDP Technologies to locate a <br />24,000 SF manufacturing project in Sunfish Lake Business Park Third Addition. A general concept plan has <br />been submitted and it is a good solution to a lot with a poor layout and topography. The two companies <br />collectively employ 14 people and plan to add between 10-12 more at a wage of at least $14.00/hr. within 2 <br />years after moving into their new facility. The estimated project value would be $1,500,000 and the project <br />would be completed no later than December of 2009. The project will generate approximately $47,000 <br />annually in property taxes. The proposed business subsidy TIF assistance package is consistent with City <br />Council guidelines that require a minimum of 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, to draft a development <br />agreement outlining the terms and conditions of the project and to make that recommendation to City Council. <br /> <br />EDA Action: <br /> <br />Motion to approve the proposed project, to convey the land necessary, to draft a development agreement <br />outlining the terms and conditions of the project and to make that recommendation to City Council. <br /> <br />EDA: 09.04.08 <br /> <br />21 <br />