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proposed glass facades). PSD LLC feels this assistance is needed in order for them to stay competitive with <br /> neighboring communities. <br /> (2)Partnership on Mass Site Improvements--Internal Public Road <br /> PSD LLC would like the City to partner in the kick off of this business park by participating in some of the <br /> mass site improvements costs. Specifically, PSD LLC is asking the City to pay for a portion of the proposed <br /> internal stub road($200K--$250K estimated cost). Please see attached preliminary engineers estimate (Bolton <br /> &Menk), Phase 1 for details. PSD LLC plans to take care of all other mass site improvements to prepare for <br /> a long-term business park, including: mass grading, regional ponding,berming (including creating separation <br /> from Capstone Homes),removal of the large stockpile of"un-buildable" dirt from the site,platting, and <br /> permits. PSD LLC feels this assistance is needed in order for them to stay competitive with neighboring <br /> communities. <br /> STAFF COMMENTS <br /> Overall, staff believes this is a great opportunity for the City to kick-off the new business park with a big splash. <br /> Based on staff s conversations with other developers,brokers, and real estate professionals,this opportunity may be <br /> unique, as it is unlikely a developer/investor outside of the local region would be willing to make this level of <br /> investment in a speculative business park in Ramsey(or any similarly situated community). Additionally, staff <br /> would note, PSD LLC brings a good development team to the table,with a proven track record, and the financial <br /> backing needed to make a project of this size GO (and to sustain it over time). Lastly, staff has received feedback <br /> from several prospects that have considered the City's new business park over the past few years,that they don't <br /> want to the the "first-one-in"the new business park--this PSD LLC project may be an opportunity to overcome that <br /> hurdle. <br /> A 60,000 sf 24' clear industrial building will generate about$116K in total annual property taxes. The PSD LLC <br /> master plan generally shows seven of these buildings. If development occurred according to the concept master <br /> plan, at full build-out, all-things-equal, in today's dollars,the PSD LLC portion of the business park would generate <br /> roughly$812K in total annual property taxes.NOTE: the PSD LLC portion of the larger business park is roughly <br /> 40%(45 acres of 115 total acres). <br /> Moving forward,the next step in the process for this project is to invite PSD LLC to submit a formal business <br /> subsidy application. From there,the proposed assistance requests would be underwritten against the project <br /> pro-forma,by the City's financial advisor(Ehlers &Associates). <br /> Timeframe: <br /> 10-20 minutes <br /> Funding Source: <br /> New TIF District(#16) for the TIF assistance. For the road assistance,various options exist for further <br /> consideration(former TIF 1,former TIF 2, Landfill Trust Fund, EDA Fund,ACHRA Fund,PIR Fund, etc.). <br /> Responsible Party(ies): <br /> Patrick Brama <br /> NOTE: PSD LLC will be in the audience. <br /> Outcome: <br /> Update case only. Any preliminary feedback is appreciated. <br /> Attachments <br /> Concept Master Plans <br />