Agenda - Economic Development Authority - 09/02/2009

Home

APPROVE MINUTES Chairperson Riley requested that a correction be made in the minutes of the July 9th meeting. Case # 3- Sponsorship of Allina Event. The change should read as follows, Chairperson Riley voted no on this motion, Member Steffen voted yes on the motion. This correction was made to the July 9th, 2009 minutes. .. Motion by Member Steffen, Seconded by Chairperson Riley, to approve the following meeting minutes. 1. EconomicDevelopment Authority regular meeting minutes dated July 9th, 2009. Motion carried: Voting Yes: Chairperson Riley, Members Elvig, LeTourneau, Skaff, Steffen and Williams. Voting No: None Absent: Member Look EDA BUSINESS Case #1: CONSIDER GRANTING BUSINESS SUBIDY TO JBT MACHINING/ QDP TECHNOLOGIES Economic Development Coordinator Sullivan presented Case #1. The City of Ramsey has been negotiating with JBT Machining and QDP Technologies to locate a 20,600 SF manufacturing project in Sunfish Lake Business Park Third addition. A site plan was approved at the August 6th, 2009 at the Planning Commission meeting. The Developer asked for TIF Assistance. in the form of a land cost write down of $250,000, which would be the maximum amount of assistance based on the job creation numbers pledged by the proposed businesses. The estimated project value would be $1,500,000 and the project would be completed no later than December 2009. The project will generate approximately $40,356 annually in property taxes. The proposed business subsidy TIF assistance package is consistent with City Council guidelines that require a minimum of one job created for every $25,000 of assistance provided. Staff is in the process of reviewing the Business Subsidy application and the presented recommendation will be contingent on satisfactory review of that document. Economic Development Authority/July 9th 2009 Page 2 of 5 2