Agenda - Council - 06/14/2011 - Laserfiche WebLink

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This Business Subsidy Agreement (this "Agreement ") is made as of the day of June, 2011, between the City or Ramsey, Minnesota, a Minnesota municipal corporation (the "Grantor ") and Ramsey Retail Rental, LLC, a Minnesota limited liability company, (the "Recipient "). In order to satisfy the provisions of Minnesota Statutes, Sections 116J.993 through 166J.995 (the "Act "), the Recipient acknowledges and agrees as follows: 1. Description of the Business Subsidy. (a) The Project. The Recipient will be undertaking the following project within the Grantor's Municipal boundary: The renovation /building improvements of 7533 Sunwood Drive, Suite 108, Ramsey, MN 55303 and related site improvements in order to establish a full- service restaurant, called The Falls Cafe, as defined herein (the "Project "). (b) Type of Business Subsidy. The Business Subsidy consists of the following assistance to the Recipient for the Project: Repayment of fees paid for Sewer Access Charges ( "SAC ") and Water Access Charges ( "WAC ") associated with the restaurant build -out for the Project (the "Business Subsidy "). (c) Amount of the Business Subsidy. The amount of the Business Subsidy granted to the Recipient under this agreement has a value of $35,579.00. This is based upon a $35.579.00 repayment to recipient for its fees paid for the SAC and WAC associated with the restaurant build -out for the Project. 2. Public Purpose for the Business Subsidy. The public purpose of this Business Subsidy is to: (a) To increase the number and diversity of jobs that offer stable employment and attractive wages and benefits. (b) To enhance and diversify the City's economic base. (c) To encourage unsubsidized private development. 3. Why the Business Subsidy is needed. BUSINESS SUBSIDY AGREEMENT The Business Subsidy is needed because the costs associated with the SAC and WAC for the project make a potential restaurant project economically unfeasible. A lease agreement with a restaurant tenant and the Recipient would not be reached without this Business Subsidy. 4. Job and Wage Goals for the Business Subsidy. Recipient agrees to create at least 10 full time equivalent jobs and a wage rate at least equal to or exceeding the rate outlined in the adopted business subsidy policy within two years of the benefit date. The Grantor may determine that the creation or retention of jobs is not a goal of providing the Business Subsidy and the wage and job goals for the Business Subsidy are then set at zero.