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Economic Development Authority (EDA) 4. 1. <br />Meeting Date: 06/09/2011 <br />By: Aaron Backman, Administrative <br />Services <br />Title: <br />Minneapolis Manufacturing Prospect Update <br />Background: <br />The Economic Development/Marketing Manager continues to be in contact with management of the Minneapolis <br />prospect that is considering locating a manufacturing facility at the Bury & Carlson site in Ramsey. Management <br />has largely finished gathering information regarding site options. They will be presenting three primary options to <br />the Company's Board of Directors. One option is a new industrial facility in the City of Ramsey, the second is a <br />leased industrial facility (River Road Industrial building) in Fridley, and the third is an existing industrial building <br />in Cincinnati, Ohio. The final siting decision will be made at the Board meeting in June. <br />The prospect's management indicated two weeks ago that new equipment for the plant was arriving in December <br />(and that they have also acquired equipment from a competitor). Management has also said that there is rough <br />parity between Ramsey and Cincinnati from an economic standpoint. To ensure that the City is in as strong a <br />position as possible, Jeff LaFavre, the City's listing agent, and the ED/M Manager have had discussions with the <br />State of Minnesota regarding DEED's financial participation for an expansion project in Ramsey. On May 26th a <br />DEED committee met to consider whether to provide financial assistance to augment the City's financial <br />participation. The outcome was that the State has approved $300,000 in MIF dollars (forgiveable loan to City for <br />project) if the company creates at least 40 new jobs during the next two years and $400,000 for job training of <br />employees. On June 2nd DEED met with the prospect in Minneapolis to provide this commitment in writing. They <br />met with the Company's President and its CFO. It was timely because there was a Staff planning meeting of the <br />prospect on June 3rd. The Company's Board of Director's is expected to make a final siting decision at its June <br />meeting. <br />Observations: <br />Funding Source: <br />Staff Recommendation: <br />Informational. <br />EDA Action: <br />No action is required at this time. <br />MN Proposal to Mpls Company <br />Attachments <br />Form Review <br />Inbox Reviewed By Date <br />Aaron Backman (Originator) Aaron Backman 06/03/2011 03:35 PM <br />Form Started By: Aaron Backman Started On: 06/03/2011 02:45 PM <br />Final Approval Date: 06/03/2011 <br />