Agenda - Economic Development Authority - 04/19/2004

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MEMO DATE: TO: FROM: RE: April 19, 2004 Economic Development Authority (EDA) Megan Wald and Sean Sullivan Staff Update Town Center: No new information at this time, updated information was presented at the Business Network Meeting. New Business Prospects: We continue to have many inquiries from prospective businesses. The projects range in size from 5,000 to 100,000 square feet. To keep confidentiality in tact we will only disclose names of these businesses when we have an agreement in principal. It looks like it will be a busy year and we should not have any trouble marketing and redeveloping the smaller city owned parcels. New Developments (residential and commercial): Precise Metalcraft (12,800 S.F.) received their certificate of occupancy and they are diligently preparing for business in Ramsey. They did not have a grand opening but we look forward to the continued positive relationship with City Staff. The Basalt Properties Phase 1 project (16,000 S.F.) is also nearing completion with Phase 2 (l 1,000 S.F.) to be completed during 2004. Paddock Investments received their occupancy permit this month and they are in the process of moving all their equipment in. This business is located in Sunfish Lake Business Park. This is the second project to be constructed in Sunfish Lake Business Park. Staff received the site plan for Northern Technologies Incorporated to construct a 3,825 square foot building on the Chies site. The name of the corporation the city is executing the agreement with is Shannon Enterprises of North Dakota. The Planning Commission will review the site plan at their May meeting. The City Council adopted the development agreement and business subsidy agreement on April 13, 2004. IT is important to note that this business is very willing to assist the City in satisfying the goals set forth in the CDBG grant process. The City Council approved the preliminary plat of Rivenwick 4th addition consisting of 195 townhome and condominium units. The second phase of Alpine Acres consisting of 48 townhome units was approved on April 13, 2004. Business Grand Openings:. None to report at this time. Marketing Initiatives: The Balancing Growth and Don't Break the Bank pieces went out Friday, March 5, 2004. Staff received two inquires from the mailing, Carlson Real Estate and another single tenant looking to relocate their business. Staff met with a representative from Carlson Real Estate and hope to work with them in the future. Business Communication Initiatives: The Business Network Meeting held on Tuesday, March 2004 was a great a success! A total of 81 businesses pre-registered and according to the P. 17