Agenda - Economic Development Authority - 06/12/2014

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EDA Updates 06132014 (1) Old Municipal Center Site Development Update Update will be provided at the meeting, given the Council will take action regarding the project on June 10t (2) 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 — MMI Precision MM I Precision 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. Update A request for site plan approval for a building expansion was brought to the Planning Commission on May 1St. It was approved and subsequently approved by the City Council. Prospect GLE A manufacturing business currently located outside of Ramsey has inquired on relocating to Ramsey. Staff has encouraged Prospect GLE to connect with their current community; inform them of their needs /plans. 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 141S /Basalt. Engineering and Planning Staff have met with the design -build firm. 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. Staff met with Prospect GLE to talk with the principals of the business and tour their existing facility. In addition, Staff was updated on the project scope. To date, the building is proposed to have a roughly 13,000+ square foot footprint with 6,000 square feet of mezzanine. Staff was