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08/13/09
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08/13/09
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<br />APPROVE MINUTES <br /> <br />Chairperson Riley requested that a correction be made in the minutes of the July 9th meeting. <br /> <br />Case # 3- Sponsorship of Allina Event. The change should read as follows, Chairperson Riley <br />voted no on this motion, Member Steffen voted yes on the motion. This correction was made to <br />the July 9th, 2009 minutes. <br /> <br />Motion by Member Steffen, Seconded by Chairperson Riley, to approve the following meeting <br />minutes. <br /> <br />1. Economic Development Authority regular meeting minutes dated July 9th, 2009. <br /> <br />Motion carried: Voting Yes: Chairperson Riley, Members Elvig, LeTourneau, Skaff, Steffen <br />and Williams. <br /> <br />Voting No: None <br /> <br />Absent: Member Look <br /> <br />EDA BUSINESS <br /> <br />Case #1: CONSIDER GRANTING BUSINESS SUBIDY TO JBT MACHINING/ <br />QDP TECHNOLOGIES <br /> <br />Economic Development Coordinator Sullivan presented Case #1. <br /> <br />The City of Ramsey has been negotiating with JBT Machining and QDP Technologies to locate <br />a 20,600 SF manufacturing project in Sunfish Lake Business Park Third addition. A site plan <br />was approved at the August 6th, 2009 at the Planning Commission meeting. . <br /> <br />The Developer asked 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 <br />by the proposed businesses. The estimated project value would be $1,500,000 and the project <br />would be completed no later than December 2009. The project will generate approximately <br />$40,356 annually in property taxes. The proposed business subsidy TIF assistance package is <br />consistent with City Council guidelines that require a minimum of one job created for every <br />$25,000 of assistance provided. Staff is in the process of reviewing the Business Subsidy <br />application and the presented recommendation will be contingent on satisfactory review of that <br />document. <br /> <br />Economic Development Authority/August 13,2009 <br />Page 2 of5 <br />
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