Agenda - Economic Development Authority - 05/16/2013

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Economic Development Authority (EDA) 4. 3. Meeting Date: 05/16/2013 Submitted For: Patrick Brama By: Patrick Brama, Administrative Services Title: Prospect Update Background: Staff is working with five prospects considering expansion in the City of Ramsey. Said businesses shall remain anonymous until directed. Stall will provide detailed information in the EDA meeting. A. The City has been working with Diamond Graphics over the past two months to negotiate the sale of City owned Property located at 14280 Azurite Street NW. The Subject property is 4.8 acres in size, is located on the north side of Bunker Lake Boulevard adjacent to MultiSource Manufacturing and Diamond Graphics. The Subject Property is zoned Employment 1 (El). The Council approved the sale of the Subject Property on March 26, 2013 for the price of $410,000 to Diamond Graphics. The next step in this process is execution of a purchase agreement. B. A medium sized manufacturer located in a neighboring City has expressed interest in relocating to the City of Ramsey. Said manufacturer needs a site that can handle a new 77,000 square foot facility. Said prospect would bring 24 jobs to the City and expects to add 10 more within one year. Staff has been working with prospect Bravo recently to identify a site in Ramsey. Prospect Bravo would like to request the opportunity to submit an application for business assistance. C. This prospect is interested in expanding a function of their businesses from 5,000 to 10,000 square feet. Their primary business is located in a facility they own, totaling 60,000 square feet. They have additional space within their existing location in which they lease out to a significant Ramsey manufacturer. The will be taking over that space in the summer of 2014. Staff is contacting said lessee to find a solution for their business in Ramsey. D. A medium sized Ramsey manufacturing company has expressed interest in expanding their existing 20,000 square foot facility by 10,000. This prospect has indicated they are working with builders to develop cost estimates. E. A small sized, quickly growing, Ramsey manufacturer has expressed interest in an expansion to their existing 10,000 square foot facility. They intend to expand this summer; and will be looking for a long term home for their business in 2014. F. A small sized, quickly growing, Ramsey concrete business has expressed interest in purchasing City owned property located off of Ramsey Boulevard and Highway 10. This successful business needs room to expand in the next 1-2 years. Today, they are working with contractors to develop cost estimates. G. A successful Ramsey manufacturing business has expressed interest in the "Health Quest" property. Said business would like to consolidate their business operations to exclusively Ramsey (today they have a facility in Ramsey and New Hope). As a result, as many as 50 jobs may be relocated from New Hope to Ramsey. The prospect has proposed using the Health Quest property as a warehouse; which would open up space to expand manufacturing operations in their existing Ramsey facility. The existing "Health Quest" building would need to be demolished. Said prospect would like to request permission to apply for City assistance to demolish the existing Health Quest facility.