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I <br /> I <br />,I <br /> I <br />,I <br />,I <br /> I <br /> I <br /> I <br />,I <br /> <br />CASE # <br /> <br /> REQUEST FOR AUTHORIZATION FOR EXECUTION OF <br />A DEVELOPMENT AGREEMENT WITH A & R MANUFACTURING, INC. <br />By: James E. Norman, City Administrator <br /> <br />Background: <br /> <br />The proposed development agreement is with A & R Manufacturing, Inc. which will be <br />located in Development District No. 1 and Tax Increment Financing District No. 2 (south <br />of soon-to-be-constructed 139th Avenue). A & R Manufacturing is a small manufacturer <br />of special machine, fixture and tool components for a variety of larger manufacturers. A <br />& R Manufacturing currently leases space from Ramsey Business Park on Industrial <br />Boulevard in Ramsey, however, it has outgrown its space and recently began negotiating <br />with the City to build its own facility. <br /> <br />A & R Manufacturing will be approximately an 11,000 square foot facility with an <br />estimated market value of $330,000. It is anticipated that the project will generate <br />approximately $12,000 per year toward a TIF District which will be used to pay for the <br />improvement costs. The TIF District is scheduled to be completed in the year 2012. <br /> <br />Council Action: <br /> <br />Motion to authorize execution of the development agreement with A & R Manufacturing, <br />Inc., contingent upon approval by the City Attorney. <br /> <br />Reviewed by: <br /> <br />City Administrator <br />City Attorney <br />Finance Officer <br />Economic Development Consultant <br /> <br />CC: 07/28/98 <br /> <br />jmt/A&R.doc <br /> <br />.313 <br /> <br /> <br />