Agenda - Economic Development Authority - 04/10/2014

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(3) Prospect Updates Staff has been and will be reaching out to existing and potential prospects (existing businesses) in conjunction with the BR&E effort. Prospect Alpha A Ramsey precision manufacturer is experiencing significant growth and is looking to expand at their existing location in 2014. However, due to size limitations of their existing site, this manufacturer is also looking for a long term solution. Staff is working with this prospect to provide options for expansion on their existing site as well as other locations in Ramsey. Update Prospect Alpha has submitted site plans for review for a roughly 6,500 sq. ft. facility to be attached to their existing structure. This move is to satisfy space requirements in the short term. Future needs are projected to include up to a 100,000 sq. ft. facility. Staff is working diligently in moving forward plans for a future business park to accommodate this user as well as others that have indicated space requirements. Securing a location for a future business park is a high priority of the EDA; to ensure retention of these valued businesses and to offer space for relocations/start-ups in Ramsey. Prospect GLE A manufacturing business currently located outside of Ramsey has inquired on relocating to Ramsey. Prospect GLE is seeking a roughly 15,000 sq ft building to be owned by the business. Prospect GLE has stated ownership of the building will reduce unnecessary constraints on their cash flow. Staff provided a holistic response to the inquiry including 4 site proposals, property tax estimations and comparisons and estimated development fee calculations. Prospect GLE expressed thanks for a timely response. The prospect is currently working with a local design -build firm for analysis on construction of a roughly 15,000 sq ft structure on EDA owned property on 1415Y/Basalt. Engineering and Planning Staff have met with the design -build firm. Staff will be re -introducing another parcel, privately held, for comparison. In addition, Staff is investigating a foreclosed property to the north of the EDA's 14157Basalt property. Update Staff has been informed communications are continuing between Prospect GLE and a local design - build firm. The design -build firm is in the process of finalizing a bid for the prospect. It is noteworthy that the subject property (when considering storm water management needs, loading docks, parking, etc.) is capable of supporting a building roughly 12-13k sq. ft. in size. Prospect GLE, to date, has not stated concerns with the slight reduction in space. Staff is prepared to showcase another property, as noted above, if need be. Prospect Affordable Housing Prospect Affordable Housing presented a Letter of Intent for consideration by the HRA on 4/8. This prospect is interested in developing a parcel within the COR (SE quadrant of Bunker Lake Blvd. and the future Center St.). This prospect intends to construct 50-55 units of affordable housing. Staff has analyzed and negotiated based on the initial LOI and will be presenting that to the HRA on 4/8. Please note additional information is limited as the project is confidential at this time. Prospect Speed Staff has been communicating through CBRE, providing detailed information on various parcels in The COR for development of a convenience retail operation. Staff expects an LOI for consideration in the near future.