Agenda - Economic Development Authority - 05/12/2011

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considered to possibly save on shipping costs. He noted that this project is moving more slowly than originally forecasted, but staff is still working on the item. Councilmember Wise questioned the timeline for the project. Economic Development/Marketing Manager Backman advised that the company had wanted to be in place by August or September but noted that the earliest at this time would be November. He thought it would be more realistic for the construction to begin this summer and be completed next spring. Councilmember Wise suggested that the City propose to store equipment for the company in Ramsey for the time being. Multi- Source Manufacturing Economic Development/Marketing Manager Backman presented the Staff Report. He noted that this project was moving forward and advised that Multi- Source Manufacturing had closed on the building on December 29 He explained that the building is being renovated and the company has pulled several permits in the past two weeks. He stated that the original goal was for the company to be in place, with 85 employees, in April but noted that the timeline had been shifted to June. He also advised that Connexus had saved the company additional funds with energy credits the company was unaware of. Councilmember Elvig suggested that this project be used as an example with Minneapolis Manufacturing Company. Economic Development/Marketing Manager Backman advised that Multi- Source has already prepared for a phase two addition and incorporated additional parking into the site now. Former Diamonds Property Economic Development/Marketing Manager Backman presented the Staff Report. He reported that a purchase agreement had been signed at the end of March and noted that the buyer was going through due diligence at this time. He advised that PSD expects to close on the purchase of land in the next two weeks and would then pull permits to renovate the existing structure. He explained that negotiations had begun with PACT Charter School for the school to use the site for their online education and for sports activities. Other Economic Development/Marketing Manager Backman provided an update on RM Golf Carts, located near the border of Anoka on Highway 10. He explained that the existing business location does not have visibility and the owner would also need additional space. He stated that he had toured different locations in the City with the business owner and advised that the owner was interested in the former Easy Tractor site. He explained that the building is in rough Economic Development Authority /April 14, 2011 Page 4 of 6