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State and Local Assistance <br />"We are very <br />excited to expand <br />our medical device <br />technology design <br />and manufacturing <br />facilities in St. Paul. <br />This expansion will <br />position us well to <br />continue to bring <br />value to the growing <br />medical device market <br />while also enhancing <br />our presence and <br />impact in the local <br />community," <br />— Minnetronix <br />Financial Assistance <br />■ Minnesota's Office of Business Development has a program with <br />financing of up to $500,000. Depending on the number of jobs added to <br />Minnesota within two years of the plant's opening, the Minnesota Investment <br />Fund could provide for fixed assets such as machinery and equipment. <br />Availability of this program depends on the funding the department has at any <br />given time in its fiscal year. <br />■ Minnesota Job Skills Partnership — Minnesota companies have extensively <br />used the Job Skills Partnership Program through educational partners in <br />Minnesota to create and implement training programs. DEED will eagerly <br />pursue any options that call for customized training. <br />The maximum grant is $400,000, which is awarded to the educational <br />institution to help underwrite the cost of developing curriculum and delivering <br />it. Training can be done on your premises. Access to the full available grant <br />depends upon formulation of the training package that would use the full <br />amount and be matched by your company with a cash or in -kind contribution. <br />■ Tax Increment Financing — In Minnesota, cities and development <br />authorities may use tax increment financing to help finance costs of real estate <br />development. TIF uses the increased property taxes that a new real estate <br />development generates to finance up -front costs of the development. <br />City of Ramsey staff members are recommending the <br />following to the City Council. However, this is subject <br />to City Council review and approval. <br />1. The City would sell the Bury & Carlson site for $950,000. This equates <br />to a net cost to Metal-Matic of $1.10 per sq. ft for the land. <br />2. The City would set up a TIF district to cover the difference between the <br />purchase price paid by Metal-Matic and the investment made by the <br />City. <br />3. The write -down on the cost of the land is predicated on Metal-Matic <br />building a 100,000 sq. ft. manufacturing facility and employing 40 <br />people by the end of 2011. <br />4. The sale of the property is dependent on City Council approval of a <br />"Development Agreement" between the parties and the establishment <br />of a TIF District encompassing the property. <br />5. The City Council by "Findings of Fact" must determine that the Metal- <br />Matic project is eligible for Tax Increment Financing at the selected site. <br />6. Sale of the property is dependent on the timely relocation of the <br />existing lessee of the property (Bury & Carlson). <br />Minnesota has financial tools to help your business reach its goals. 24 <br />