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assessment information available to the City to ensure complete transparency. Imperial will <br />conduct further assessment as a part of their due diligence process. Northern Technologies feels, <br />based on the assessments by the MPCA and Northern Technologies in 2005, that the site is stable <br />and ready for development. <br />Update <br />Imperial Development recently requested an extension of their inspection period by 180 days, for a <br />total of 360. Staff negotiated that the original earnest money ($1,000) be considered hard upon <br />signing an addendum to extend the inspection period. Imperial needs to extend the inspection <br />period to allow for a decision to be made by their client, Dollar General, to make a decision on <br />continuing the development in Ramsey. Staff presented this request to the Council on July 22n The <br />Council directed Staff to negotiate for $3,000 hard earnest money (non - refundable) to match the <br />intent of the Agreement -- $1,000 per 60 days for extending the closing date. Imperial has <br />subsequently countered with an addendum that shows $2,000 considered hard, non - refundable <br />earnest money to match the intent of the Agreement -- $1,000 per 180 days of inspection (as they <br />are requesting an inspection extension, not closing date). Staff is presenting this counter to the <br />Council on August 11t Staff feels this counter is reasonable given the constraints on the site <br />(marketability) and an agreement in hand. <br />Prospect Red <br />Prospect Red is a local HWY 10 business seeking property within the community for expansion. <br />Staff has been working diligently in providing timely information to this business. This business is <br />expecting to build a roughly 3,200 sq. ft. facility. Staff has identified Parcel #40 (XXX Bookstore Site) <br />as an ideal location given the nature of the business. Staff is working with a local design build firm <br />(providing setback info., development fees, etc.) to ensure the business' timelines are met: need for <br />construction to be substantially completed prior to winter. This relocation and expansion offers <br />some shuffling of properties and spin -off expansions along HWY 10. <br />Update <br />Staff is continuing conversations with this local business. Staff expects a letter of interest upon the <br />business finalizing cost estimates on the project. <br />Prospect Cycle <br />Prospect Cycle is a local manufacturer in need of roughly 70- 90,000 sq. ft. of new manufacturing <br />space. This business is currently located in one of our existing business parks. This business <br />manufactures high end, precision components for a variety of industries in its current 35,000 sq. ft. <br />facility. This expansion conversation came about during a BR &E visit. After discussions with the <br />business regarding needs, future expansion and more Staff identified the Future Business Park as <br />the ideal location for the business to expand. Staff is working with the private landowner in the <br />Future Business Park area, along with their broker (CBRE) to work a proposal for expansion here in <br />Ramsey. Staff feels this prospect is seeking alternative locations outside of Ramsey. This business <br />was incentivized to locate in Ramsey 7 -8 years ago via use of TIF /land write -down. <br />Update <br />Staff, CBRE, MN DEED and Connexus provided a preliminary, unofficial proposal on retaining the <br />business in Ramsey. This business has expressed interest in the new business park and has <br />indicated a land purchase as a potential next step. Given the movement forward on setting up the <br />park (timing) and availability of existing infrastructure, this could be a great first project for the <br />business park. <br />