04/08/10 - Laserfiche WebLink

Home

Case #2: PRODUCTION DESIGN PRODUCTS REMODEL Economic Development Coordinator Sullivan presented information on Production Design Products, Inc. (PDPI) located at 14161 Basalt Street NW in Ramsey. The owner of PDPI, Kufre Akpan, is looking to expand the facility and make improvements to the property. Economic Development Coordinator Sullivan introduced Kufre Akpan. Mr. Akpan informed the EDA that he purchased PDPI three years ago, and explained that his company develops equipment used for floor mat cleaning. Mr. Akpan also owns a company called EKSON, which is a tool and die company. EKSON is not currently located in Ramsey, but Mr. Akpan hopes to relocate that business and operate both businesses out of the Basalt Street location. While moving both companies into the one building would be tight initially, Mr. Akpan plans on eventually expanding the property. He continued to say that he is currently working with the U S Small Business Administration (SBA) for financing, but is looking to the EDA for additional assistance. Economic Development Coordinator Sullivan explained that the Revolving Loan Fund Policy limit is 40% of the project cost, with a minimum set at $25,000. The proposed improvements at this site (estimated at $50,000), does not meet the current RLF guidelines. Member Look stated that in these economic times, he would rather see businesses helped and not worry so much about guidelines. Chairperson Riley commented on being interested in getting rid of the loading dock at said property. Although it probably will not be part of the initial improvement plan, Mr. Akpan said that he will consider moving the loading dock to the back of the property at a later date The EDA was in agreement that they are willing to accept an application from Mr. Akpan for consideration of Revolving Loan Funds (RLF). Case #3: ICSC MARKETING BUDGET Economic Development Coordinator Sullivan reminded the EDA that they previously approved registration for the Economic Development Coordinator and the City Administrator to attend the RECON (Las Vegas) and Dealmaking (Chicago) conferences for the purpose of marketing the Ramsey Town Center project. Furthermore, the EDA approved $2,000 to help fund a booth and marketing materials for the RECON conference. Economic Development Coordinator Sullivan explained that costs are higher than originally anticipated; therefore, he is asking if the EDA (along with the HRA) would be interested in contributing more money for marketing materials or the booth. Chairperson Riley questioned whether or not it mattered where the money came from (EDA or HRA) since it is all city money. Economic Development Authority / February 11, 2010 Page 3 of 5