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<br />Case # 1 <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 />20,600 SF manufacturing project in Sunfish Lake Business Park Third Addition. This project surfaced in <br />August of 2008 and staff has remained in contact to the present. A site plan was approved at the August 6, 2009 <br />Planning commission meeting. The project has changed slightly and the details of the project are attached on <br />the Project Fact Sheet and an excerpt from the previous EOA meeting minutes has been provided for your <br />convenience. The Developer is asking for TIF Assistance in the form of a land cost write down of 250,000 <br />which would be the maximum amount of assistance based on the job creation numbers pledged by the proposed <br />businesses. The estimated project value would be $1,300,000 and the project would be completed no later than <br />December of2009. The project will generate approximately $40,356 annually in property taxes. The proposed <br />business subsidy TIF assistance package is consistent with City Council guidelines that require a minimum of <br />one job created for every $25,000 of assistance provided. Staff is in the process of reviewing the Business <br />Subsidy application and the presented recommendation will be contingent on satisfactory review of that <br />document. <br /> <br />Funding Source: <br /> <br />Tax Increment F~nancing 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 />Attachments: <br />Project Data Sheet <br />Excerpt from EDA minutes of9.4.08 <br />Site Location Map <br /> <br />EDA: 08.11.09 <br /> <br />9 <br />