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-40- <br /> <br />contract be transfen'ed to Great Woods Cabinetry. Transferring the contract to this new business <br />would protect the City of Ramsey's investment in Business Park 95 specific to the assistance <br />granted to the Peck project. Great Woods Cabinetry formerly located in Blaine is purchasing the <br />building and moving its operation to the City of Ramsey. This business would bring 35 <br />employees and the possibility for more job creation for the City of Ramsey. The majority of the <br />jobs that Great Woods Cabinetry would create would be up to current Business Subsidy Law <br />standards and would be in line with the position the City Council has taken with recent TIF <br />projects. It was noted that the transfer of the contract binds Great Woods Cabinetry to the <br />negotiated arrangement between the City of Ramsey and Peck Properties and releases Peck <br />Properties from any interest in the project. <br /> <br />Councilmember Hendriksen inquired if the City Attorney had reviewed the City's position to <br />make sure they are protected. <br /> <br />City Attorney Goodrich replied that Economic Development Consultant Mike Mulrooney had <br />reviewed information and has stated that Great Woods Cabinetry is as creditworthy as Peck <br />Properties. The Company was incorporated in 1993 and is in good standings with the Secretary <br />of State. <br /> <br />Councilmember Zimmerman inquired if there will be something in writing holding them to the <br />obligations. <br /> <br />City Attorney Goodrich replied yes, it is approved by the Council. <br /> <br />Councilmember Hendriksen inquired if Peck properties initiated the action and wanted <br />themselves released from any obligations. <br /> <br />City Attorney Goodrich replied that he would assume that Peck Properties wants to be relieved <br />from their obligations. <br /> <br />Councilmember Hendriksen stated that there was no one present to answer the financial abilities <br />0f the woodworking company to meet the obligations. <br /> <br />Joe Semmler, Great Woods Woodworking, stated that he has been in business since 1990, and <br />they primarily build cabinets for new construction. Currently he has 22 employees and they are <br />looking to expand. <br /> <br />City Attorney Goodrich reviewed the TIF agreement that was in place with Peck Properties. <br /> <br />Mr. Semmler agreed with the agreement. <br /> <br />City Attorney Goodrich inquired if Mr. Semmler was willing to comply with the terms of the <br />agreement. <br /> <br />City Council/March 26, 2002 <br /> Page 22 of 25 <br /> <br /> <br />