Agenda - Economic Development Authority - 09/03/2015

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City of Ramsey Life Fitness TIF Agreement Outline TIF District #15 — Life Fitness 1. Developer: Brunswick Corporation (Life Fitness) 2. Properties: Existing location: 14100 SUNFISH LAKE BLVD NW, RAMSEY, MN 55303 Parcel #1: PID #27-32-25-44-0018 Parcel #2: PID #27-32-25-44-0019 Expansion Parcel —To be acquired 4100 SUNFISH LAKE BLVD NW, RAMSEY, MN 55303 PID #27-32-25-44-0012 3. Developer Conditions: a. Execution of Development Agreement b. Acquisition of the Expansion Parcel (noted Above) 4. City Conditions: a. Establishment of new Renewal and Renovation TIF District b. City approval of Construction Plans c. Execution of Development Agreement and Business Subsidy Agreement d. City determination that Developer has sufficient financial means to construct Minimum Improvements 5. Minimum Improvements: a. 48,500 square foot expansion of Life Fitness' existing manufacturing building b. Capping of all existing geothermal wells located on the Expansion Parcel c. Demolition of the existing building located on the Expansion Parcel and readying the site for development 6. Construction Schedule: Commence construction by October 31, 2015, and complete by October 31, 2015. For the purpose hereof, "Commence" shall mean beginning of physical improvement to the Property, including grading, excavation, or other physical site preparation work; and "Completed" shall mean that the Minimum Improvements are sufficiently complete for the issuance of a Certificate of Occupancy. 7. Public Assistance: Subject to all terms and conditions of the Development Agreement, the City will reimburse Developer for up to $224,000 (present value) of Qualified Costs related to the Minimum Improvements (out of an estimated total of $622,000). "Qualified Costs" shall mean redevelopment costs incurred in connection with the construction of the Minimum Improvements. Payments will be issued on a pay-as-you- go basis over 16 year term of the district with interest at a rate of 5% per annum.