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Gity. of Ramsey <br /> 1~153 NOWTHEN BOULEVARD N.W., RAMSEY, MINNESOTA 55303 <br /> <br />PHONE (612) 427-1410 <br /> FAX (612) 427-5543 <br /> lTD (612) 427-8591 <br /> <br />November 15, !994 <br /> <br />Laity Cody : <br />President - CEO: <br />Wendell's Inc. <br />2424 East Franklin Avenue <br />Minneapolis, MI{q 55406-0024 <br /> <br />RE: SITE RFJI.,OCATION SEARCH <br /> <br />Dear Mr. Cody: <br /> <br />Since the Octobe: <br />(2) additional proj <br />the following is s <br />and a business ph <br />assumes an estim~ <br /> <br />19, 1994 proposal to Wendell's, Inc., the City of Ramsey appears to have two <br />,erties that could be made available for your project. As with our initial p .mposal, <br />~bject to receipt of, and positive analysis of, financials for the past three years <br />n showing five-year projections. It is also subject to Council approval. It also <br />ted market value of your project for tax purposes of $800,000. <br /> <br />The City will pro¥ide your company with up to a three (3~i' acre site either along Sunfish Lake <br />Blvd. N.W. (Courity Road #57) or Industry Avenue N.W. (County Road #116). This three (3) <br />acre parcel shoul{ provide your company with enough space to construct a 20,000 square foot <br />facility with room ito expand to 30,000 square feet in the future. The value of either parcel with <br />utilities in and pai~ is approximately $78,000. The City will provide to you, at the time of facility <br />completion, $80,00,0 in site work reimbursement. <br /> <br />In addition to the ~ite work reimbursement listed above, the City will also provide you with a <br />reimbursement of ~15,000 per year for three (3) years after the completion of the building. These <br />payments would sta~rt,'~ on November 1, 1996 (assuming a completion date in,, I995) a~_,d continue on <br />each November 1 ~nfil the year 1998. Based upon these scenarios, the numbers work out as <br />follows: <br /> <br />Contribution <br /> <br />Site and Uril/fies <br /> <br />Site Improvegaents Reimbursement <br /> <br />Total Annual payments <br /> <br />Total Assistance Package <br /> <br />$ 78,000 <br />'80,000 <br />4'5.000 <br />$ 203,00O <br /> <br /> <br />