Agenda - Economic Development Authority - 08/09/2004

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3,825 S.F. building for Northern Technologies ($372,300 tax assessed P'alue) - This building will be completed before December 31, 2004 and the are plans for an expansion of 3-4,000 square feet in the next 2 to 4 years. This pro3ect was built on the Chies site that was purchased from funds from TIF District No. 2. Basall/Azurite City Sewer, Water, Storm Sewer and Street Improvements - The EDA recommended that Staff move forward on this project to help facilitate development in the CBRA. These improvements helped facilitate both Phase 1 (16,800 S.F.) and Phase 2 (1 t,200 S.F.) of the Basalt Properties Office Park that total over $1,080,000 in tax assessed value. They also helped facilitate the sales of two properties in the area and the City is currently trying to acquire both of them. Douglas I:[anson Property (Bakestar Acquisition) - Unfortunately the City has lost one of it entrepreneurs, Douglas R. Hanson this July 2004. Mr. Hanson operated his business in Ramsey since his building was built in 1985. Prior to Mr. Hanson's death, a For Sale sign went up on the property this year and City Staff was quick to_ act to begin negotiations on the site. Negotiations have resumed after the passing of Douglas Hanson and.both: sides are near a mutual agreement. In the past the city may have missed this opportunity to start negotiating with this party so quickly. With the ongoing support of the EDA and its direction to have staff acquire properties when they become available, it allows staff the' flexibility to get deals done in a timely manner. Martin / Gorecki Property - The property went up for sale in July 2004 and the City had an otl'er on the property in July. The asking price was $169,900 and Staff immediately made a bid on the ~,roperty. The offer was contingent on City Council approval and that was ratified on July 27t '. Due to the direction of the EDA, staff felt comfortable making that offer on the property and due to the quick response of the City we avoided a situation that may have lead to a sale to another private party and the possibility of having a new user that would continue to utilize an older metal building and expand its outside storage. Staff would like tO consult the EDA and see if it would be interested in participating in the acquisition of this property. (See later Case). Other Economic Development Projects. In addition to the industrial projects mentioned above, the City has inked deals with 6 additional 'businesses totaling 171,600 S.F. in buildings and $8,036,000 in new tax assessed value. These projects should be completed between now and December 2005. The developers include: Rum River Dental (2,600 S.F.), Huntington Family Properties (15,000 S.F.), Rotary Systems (30,000 S. F.), Kalway Construction (40,000 S.F.), W Properties (40,000 S.F.), Building Fasteners (34,000 S.F. expansion) and TLM Cabinets (10,000 S.F.). All these new businesses bring new employment opportunities to Ramsey's citizens and diversity in the Business community. Busi~ess Retention and Communication: The EDA has assisted with creating a local cable program with QCTV, which informs businesses and residents about the efforts of the EDA and showcases a Ramsey business. Along with the initiation o1" QCTV Ramsey Business Connection program, the EDA has provided valuable direction related to The Business Connection newsletter. Staff is happy to report that the publication