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will need to efficiently respond to the proposed project/prospect. A number of items need to happen in order to <br />move the proposed project forward quickly; please reference the attached timeline. Therefore, Staff will be <br />requesting Council authorization to begin a number of processes on May 28. <br />Lastly, Prospect Foxtrot has indicated interest in City financial assistance for the proposed project (known as a <br />"Business Subsidy). Staff is working with the prospect now to attain detailed information on said request. It is <br />likely Prospect Foxtrot will be requesting a land write down (reduced land sale price). <br />It is not uncommon practice for City's to financially assist economic development projects in some fashion. The <br />City of Ramsey recruited a majority of its larger employers (located in Ramsey's Industrial Parks) utilizing business <br />subsidies; specifically, TIF land write downs. Staff would like to discuss this topic with the City council. Staff <br />needs to understand if the City Council has an appetite to receive a request for a business subsidy from prospect <br />Foxtrot. The City has adopted policies on businesses subsidies; which Staff intends to utilize (see attached business <br />subsidy policy). Receiving a request does not obligate the City Council to a business subsidy. NOTE: The <br />EDAbriefly reviewed this case on May 16 and invited Prospect Foxtrot to submit a formal request for a business <br />subsidy. <br />Recommendation: <br />NA --Introduction Only <br />Funding Source: <br />NA --Introduction Only <br />Council Action: <br />NA --Introduction Only <br />Attachments <br />Availability Map <br />Reference Map <br />Proposed Solution (Project) <br />Phase II <br />Business Subsidy Policy <br />Foxtrot Timeline <br />Form Review <br />Inbox Reviewed By Date <br />Kurt Ulrich Kurt Ulrich 06/04/2013 07:04 AM <br />Form Started By: Patrick Brama Started On: 06/03/2013 <br />Final Approval Date: 06/04/2013 <br />