Laserfiche WebLink
City of Ramsey <br />Life Fitness TIF Agreement Outline <br />TIF District #15 — Life Fitness <br />1. Developer: Brunswick Corporation (Life Fitness) <br />2. Properties: Existing location: 14100 SUNFISH LAKE BLVD NW, RAMSEY, MN 55303 <br />Parcel #1: PID #27-32-25-44-0018 <br />Parcel #2: PID #27-32-25-44-0019 <br />Expansion Parcel —To be acquired <br />4100 SUNFISH LAKE BLVD NW, RAMSEY, MN 55303 <br />PID #27-32-25-44-0012 <br />3. Developer Conditions: <br />a. Execution of Development Agreement <br />b. Acquisition of the Expansion Parcel (noted Above) <br />4. City Conditions: <br />a. Establishment of new Renewal and Renovation TIF District <br />b. City approval of Construction Plans <br />c. Execution of Development Agreement and Business Subsidy Agreement <br />d. City determination that Developer has sufficient financial means to construct <br />Minimum Improvements <br />5. Minimum Improvements: <br />a. 48,500 square foot expansion of Life Fitness' existing manufacturing building <br />b. Capping of all existing geothermal wells located on the Expansion Parcel <br />c. Demolition of the existing building located on the Expansion Parcel and readying <br />the site for development <br />6. Construction Schedule: Commence construction by October 31, 2015, and complete by <br />October 31, 2016. For the purpose hereof, "Commence" shall mean beginning of <br />physical improvement to the Property, including grading, excavation, or other physical <br />site preparation work; and "Completed" shall mean that the Minimum Improvements <br />are sufficiently complete for the issuance of a Certificate of Occupancy. The Developer <br />shall acquire the Expansion Property (former Healthquest), demolish the existing facility <br />and cap all unsealed wells on the Expansion Property on or before April 30, 2016. <br />7. Public Assistance: Subject to all terms and conditions of the Development Agreement, <br />the City will reimburse Developer for up to $224,000 (present value) of Qualified Costs <br />related to the Minimum Improvements (out of an estimated total of $622,000). <br />"Qualified Costs" shall mean redevelopment costs incurred in connection with the <br />construction of the Minimum Improvements. Payments will be issued on a pay-as-you- <br />go basis over 16 year term of the district with interest at a rate of 5% per annum. <br />8. Jobs: The Development Agreement and Business Subsidy Agreement will require the <br />creation of at least an additional 2414 new full time equivalent jobs on the Property at <br />wage rates that are $16.8514.34 per hour, not including benefits. <br />