Agenda - Council - 03/26/2002 - Laserfiche WebLink

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I I I I I I I ! I ! I I I I I I I I I CASE # Assignment of Contract for Private Development Between The City of Ramsey and Peck Properties By: James Norman, City Administrator Sean Sullivan, TIF Specialist Background: The City o~' Ramsey entered into a Contract for Private Development with Peck Properties, LLC on.April 17, 1.998. The Contract carried with it development requirements of the specific project that includes Tax Increment Financing. Peck Properties is in the process of selling the building to Great Woods Cabinetry. Peck Properties has requested that the Contract be transferred to Great Wood Cabinetry. Transferring the contract to this new business would protect the City of Ramsey's investment in Business Park 95 specific to the assistance granted to the Peck project. Great Woods Cabinetry formerly located in Blaine is purchasing the building and moving its operation to the City of Ramsey. This business would bring 35 employees and the possibility for more job creation tbr the City of Ramsey. The majority of the jobs that Great Woods Cabinetry would create would be up to current Business Subsidy Law standards and would be in line With the position the City Council has taken with recent TIF projects. It should be noted that the transfer o[' the contract binds Great Woods Cabinetry to the negotiated arrangement between the City of Ramsey and Peck Properties and releases Peck Properties from any interest in the project. Council Action: Motion to authorize execution of Assigrm~ent, Assumption and Amendment of Contract for Private Development to Great Woods Cabinetry pending City attorney approval Map of Subject Property CC:3.26.02 -207-