Minutes - Economic Development Authority - 04/02/2015

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5.01: Joint City Council — EDA Meeting Economic Development Manager /Assistant City Administrator Brama stated the joint meeting is on April 14, 2015 at 5:30 p.m. in the Lake Itasca Room. He stated that he has contacted the State of Minnesota and DEED representative Jim Gromberg will provide an introduction to the Shovel Ready Program. 5.02: Skeeter Boat Company Considering Elk River Location Economic Development Manager /Assistant City Administrator Brama stated that Staff is staying in contact with the prospect and are hoping to keep them in the City of Ramsey. 5.03: Economic Development Prospect "Power" Economic Development Manager /Assistant City Administrator Brama stated that this is a business based out of Elk River that is considering the City of Ramsey. He stated that prospect is looking at a 105,000 square foot facility. The project would create 190 jobs making it the fourth largest employer in the City. The last word the City received is the prospect is considering the cities of Otsego and Ramsey as the final locations and will be making a decision in the next week. He stated that Staff along EDA Chairperson Steffen, Councilmember LeTourneau, Economic Development Consultant Mulrooney and MN DEED representative Jim Gromberg and his staff met with this prospect earlier this week. He stated that the meeting went really well and that the City had put themselves in a good position to have a fighting chance for this prospect. They are excited to hear back from the prospect in the next week or so. 5.04: RALF and Armstrong City Owned Properties 5.05: F & C (Residence at The COR) Refinance /Sale Economic Development Manager /Assistant City Administrator Brama stated that the closing for The Residence is scheduled for April 9 The City Council recently reauthorized a number of agreements and amendments to previous purchase agreements with F & C to allow for this sale. He stated that this sale wipes out the City's risks and notes. 5.06: Purchase Agreements: Economic Development Manager /Assistant City Administrator Brama stated that the agreements moving forward as scheduled are PSD, LLC, Casey's General Store and Common Bond Communities. The agreements are scheduled to close in the next couple of months. He stated that the City recently received a notice that the NIK Management agreement was reassigned to a new investor. That investor is known as GS Land, LLC and staff is meeting with them April 3r He stated that this LLC was formally PCI Roads and that staff has had communication with the group over the phone and they have been very responsive. Staff feels that this is good news for the project and provides the capital needed to make the project move forward and get it to the finish line. Economic Development Authority /April 2, 2015 Page 7 of 9