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MEMO <br /> <br />DATE: <br /> <br />TO: <br /> <br />FROM: <br /> <br />RE: <br /> <br />October 14, 2002 <br /> <br />Economic Development Authority (EDA) <br /> <br />Megan Wald and Sean Sullivan <br /> <br />Staff Updates <br /> <br />· Potential Industrial Development <br /> <br />The City of Ramsey is continuing negotiations with Panther Precision Machine. The City is in the <br />process of finalizing a Development Agreement that will state the terms and conditions of the proposed <br />development in Sunfish Business Park.. At this point it looks like the precision machining business will <br />be constructing a 30,000 S.F. facility next spring barring any unforeseen setbacks. The business is <br />projecting to create at least 7 full time jobs that pay $12.00/hr, or higher within a two year period. Staff <br />will be bringing the Development Agreement to City Council for approval on October 22, 2002. Staff <br />will keep the EDA informed as to any significant advances, or setbacks, in the negotiating process and the <br />drafting of the Development agreement. <br /> <br />Mate Building <br /> <br />Staff was asked to provide an update regarding the vacant Mate Precision and Tool Building located on <br />the Corner of Sunfish Lake Blvd. and County Road #116. Mate locating and constructing a new facility <br />in the City happened without any TIF assistance from the City. The building has been vacant for <br />approximately 3 years and is privately owned. The building is still in good condition and several different <br />real estate companies have attempted to sell the facility. The lack of a consistent ceiling height in the <br />manufacturing area and the buildings large square footage, hinder its ability to be sold. The timing of a <br />new business locating in the vacant Mate building will be driven.by private market demands. <br /> <br />23 <br /> <br /> <br />