Agenda - Council - 10/14/2008 - Laserfiche WebLink

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Industrial Park Plat 2. Tag Machine currently employs 10 and anticipates hiring an additional 10 persons within two years of moving to the new facility. They are currently located in the multi - tenant building at the corner of 143 Avenue and Ramsey Boulevard. The project will be valued between $900,000 and $1,000,000 upon completion. The project will generate approximately $29,000 annually in property taxes. The negotiated TIF Assistance Package will be based on City Council guidelines. Mr. Sullivan advised staff recommends approval of the sale of Lot 1, Block 1, Gateway North Industrial Park Plat 2 to 'Tag Machine or its legal entity and to make that recommendation to City Council. Member Kiefer inquired what the EDA has invested into the lot and what they hope to receive for the sale. Economic Development Coordinator Sullivan stated the lot was purchased for $315,000 which includes the building and relocation. The per square foot cost of the lot is in the range of $2.75 to $3.50 per square foot. The cost is currently being proposed between $3.25 and $3.50 for the site, writing it down with tax increment financing, Motion by Member Strommen, seconded by Member Kiefer, to recommend sale of Lot 1, Block 1, Gateway North Industrial Parr Plat 2 to Tag Machine or its legal entity, and to recommend this action to City Council. Motion carried. Voting Yes: Chairperson Riley, Members Strommen and Kiefer. Voting No: None. Absent: Members Elvig, LeTourneaup and Steffen. ase #4: Zip Code Letter to. US Post Office Econ 'c Development Coordinator .Sullivan stated a letter was sent by on January 18, 2008 req ing a zip code assignment for the City of Ramsey. Includ the packet is a copy of the letter s to the Minneapolis Post` Office. Case #5: Cons Sale of 65901419t Avenue NW Economic. Development dinator Sullivan r ed that the City, of Ramsey has been working with Production Desi roducts for ber of years to consider improving the image from Bunker Lake Boulevard. Re t nership of the company has changed and the new owner is very proactive in trying to a company. Included in the growth plans are building improvements and operational ch s. . changes would include refacing the facade of the building, relocating the truck and ad additional 5,000 square feet of manufacturing space. The dock relocation the expansion of ite create the need for acquisition of the site adjacent to the business a past there has been ssion regarding the use of the Revolving Loan Fund for thin e improving facades of projects the Highway 10 corridor. Economic la opment Coordinator Sullivan stated there has b request for assistance with this prof a advised there should be consideration of requestin ail easement along the boule and the potential for a land swap resulting in the City ownin a triangular piece of la here the dock is currently located. Staff is looking for authorization t ove forward and Economic Development Authority/February 14, 2008 —250- Page 6 of 8