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MEMO <br /> <br />DATE: <br /> <br />TO: <br /> <br />FROM: <br /> <br />RE: <br /> <br />June 9, 2003 <br /> <br />Economic Development Authority (EDA) <br /> <br />Megan Wald and Sean Sullivan <br /> <br />Staff Update <br /> <br />Community Development Block Grant redevelopment (Chies/Morrell): <br /> <br />Formal offers to purchase the Chies and Morrell properties went out on June 2, 2003. The City <br />will now wait for responses to the offers and commence negotiations for the two properties. The <br />properties lie within the area identified as the "Critical Blight Redevelopment Project" area. The <br />CDBG Funds must be spent, or encumbered by July 1, 2003 and it appears as if that will occur. <br />If the projects don't progress at the speed planned we have received an "OK" from Anoka <br />County that our funds will not be rescinded. <br /> <br />Precise Metalcraft: <br /> <br />City Staff met with Precise Metalcraft at their shop in Dayton. The comPany is a familY owned <br />precision machining shop and is rapidly growing. The owner is excited at the possibility of a <br />move to Ramsey. The company operates out of a very crowded shop and actually has 5 <br />machines off site due to the lack o'f floor space at their facility. The business plans on building <br />10,000 S.F. or more in the summer of 2003. The City hopes to be able to negotiate a deal with <br />the business that will hopefully land them in Business Park 95 in Ramsey. <br /> <br />Twin Cities Business Monthly Promotional Piece: <br /> <br />The promotional piece the City is working on in conjunction with the Twin Cities Business <br />Monthly magazine is progressing very well. Staff received the first draft of the text and has <br />returned it to the staff at the magazine with corrections. Staff anticipates receiving the revised <br />text within the next few weeks. <br /> <br />The "BIG" exciting news regarding the promotional piece is that City staff was able to raise <br />$49,000 in sponsorships. The City was only required to obtain $30,000 and then 'the staff at the <br />magazine would solicit sponsors for two pages of ads. Thanks to the Ramsey Town Center LLC <br />and their contacts and local businesses in Ramsey, the promotional piece will be a great success <br />with the piece full of Ramsey related ads.-Attached to the staff update is a copy of the sponsors <br />participating in the promotional piece. <br /> <br />Staff anticipates receiving a cover-to-cover draft by mid June since the piece is scheduled to go <br />to print by July 1 st. <br /> <br />11 <br /> <br /> <br />