Agenda - Economic Development Authority - 07/10/2014

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Northern Technologies has identified that no further action is required by the City from the MPCA to clean the site up. A closure letter was issued for the site indicating such. This does not mean no contamination is present. Imperial Development Company LLC has been provided all environmental assessment information available to the City to ensure complete transparency. Imperial will conduct further assessment as a part of their due diligence process. Northern Technologies feels, based on the assessments by the MPCA and Northern Technologies in 2005, that the site is stable and ready for development. Update City leadership and Staff have executed the PA. Prospect Red Prospect Red is a local HWY 10 business seeking property within the community for expansion. Staff has been working diligently in providing timely information to this business. This business is expecting to build a roughly 3,000 sq. ft. facility. Staff has identified Parcel #40 (XXX Bookstore Site) as an ideal location given the nature of the business. Staff is working with a local design build firm (providing setback info., development fees, etc.) to ensure the business' timelines are met: need for construction to be substantially completed prior to winter. This relocation and expansion offers some shuffling of properties and spin-off expansions along HWY 10. Prospect Cycle Prospect Cycle is a local manufacturer in need of roughly 70-90,000 sq. ft. of new manufacturing space. This business is currently located in one of our existing business parks. This business manufactures high end, precision components for a variety of industries in its current 35,000 sq. ft. facility. This expansion conversation came about during a BR&E visit. After discussions with the business regarding needs, future expansion and more Staff identified the Future Business Park as the ideal location for the business to expand. Staff is working with the private landowner in the Future Business Park area, along with their broker (CBRE) to work a proposal for expansion here in Ramsey. Staff feels this prospect is seeking alternative locations outside of Ramsey. This business was incentivized to locate in Ramsey 7-8 years ago via use of TIF/land write -down. Prospect 80 Prospect 80 is a local manufacturer in need of adding roughly 60-70,000 sq. ft. to their existing building. Staff has worked in the past (last couple years) to provide information needed for an expansion. At a recent BR&E visit Staff rekindled the discussion and has been providing additional information for the business to utilize as it prepares its expansion plans. An expansion at the Ramsey location requires listing a building at another location that it owns. This prospect has sufficient space to expand at its current site. (3) Business Retention & Expansion Program (BR&E) EDA agreed to tap into the BR&E resources that Greater MSP has to offer —creating local efficiencies (recording, developing reports, tracking, etc.) and greater regional cooperation to drive economic development. Staff has started to combine Ramsey's specific survey with Greater MSP's for use in visits in 2014. A priority list of businesses has been created (prior to Ted's arrival). EDA requested EDA Members be involved in business visits. If you are available to attend the below scheduled visits, please connect directly with Ted LaFrance.