Agenda - Council - 03/28/1995 - Laserfiche WebLink

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I I I I I I I :1 '1 I- I I I I I I I I I CASE # DEVELOPMENT AGREEMENTS By: Ryan R. Schroeder, City Administrator Background: This case ina. ludes request for approvals of four separate development agreements for three separate projects. These are: 1) Carbbn Product Technology *' $400,000 minimmn value for tax purposes .. 13,000 square foot facility/13 employees · ~ Manufacturer of carbon/graphite electrode blanks used in the , electrical discharge machining process, which is used in the plastic i injection mold building industry · To be located on a two-acre parcel at McKinley and Uranium Streets 2/3)' Trend Scientific, Inc./Riverside Development · $1,000,000 minimum value for tax purposes · 35,000 square foot facility/25 employees · ~ Manufacturer of laboratory diagnostics products · ~ To be located on three-acre parcel on Uranium Street just south of the Ramsey Business Park facility 4) Command Corporation ' ' · ~ $1,600,000 minimum value for tax purposes' .:. · ' 50,000 square foot/80 employees · : Manufacturer of rotating toolholders fOr CNC machining centers · ' Distributor of the Urma Modular Boring System of Switzerland · ~ To be located on seven-acre parcel on Sunfish Lake Boulevard at ~ McKinley Street In order to provide for these developments, two other actions need to take place. They are: '- 1) 2) Purchase of 10.8 acre S. J. Groves Parcel Co~uncil had previously authorized an option on this parcel. An option in the amount of $90,000 was gained on March 22, 1995. We are as~ng for the approval to exercise this option. Constri~ction of McKinley and Uranium Streets Council had previously authorized a feasibility study on this project. This was authorized in order to provide for a Chapter 429 assessment pro}eet in that we had interest in less than half of the benefitted property. With acquisition of the above 10.8 acres, this situation has changed. Fu~her, the March 21, 1995 bond sale provided for $782,350 toward this project. The cash flows were mn with only tax increment revenues without special assessment income. These bonds were sold at a rate of 5.48 percent and run to the year 2010. The TIF district sunsets in the year 2012.