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Case #3 <br /> <br />Businesses Interested to Develop in Ramsey (Martin Property) <br />By: Sean Sullivan, Economic Development/TIF Specialist <br /> <br />Background: <br /> <br />The EDA has ~nade it clear that they want to be involved in the selection process to determine what business <br />locates on the Martin Property. The selection process should take into account diversity, tax impacts, job <br />creation, growth potential and other factors. Staff will be doing the actual negotiating with the prospective <br />businesses but it is important to have input from the EDA. The city periodically receives inquiries about <br />available property and currently there are 3 businesses interested in this site or one in the general area. The <br />intent of this discussion is to gain input and insight from the EDA as to what business will be the best fit. <br /> <br />Observations: <br /> <br />Staff has been recently in contact with the 3 companies below. The names are left off to keep confidentiality. <br />There have been other inquiries but these 3 businesses have sent the City the required latter stating what their <br />project consists of. <br /> <br /> Estimated Estimated Job <br /> Business Proposed Square Market Property Current Creation Wage City of Finish <br />. Type Foota~le Value Tax Generated Employees (two years) Range Origin Date <br /> Precision Machine $ $18- End <br /> Shop 6-10,000 350,000 10,979 4 3 to 6 $21/hr. Ramsey 2005 <br /> $ $17- Nov. <br /> Office/Professional 5-10,000 750,000 24,964 10 at least 4 $19/hr. Andover 2005 ' <br /> Precision Machine $ Oak End <br /> Shop 10,000 500,000 16,223 5 10 $17.hr. Grove 2006 <br /> <br />The project that seems to have the greatest positive impacts for the City is the Office/Professional. It will create <br />the highest market value and more importantly, will lead to business diversity in the area. The fact that this <br />business will likely lack docks and will have some nice architectural features, will greatly enhance the curb <br />appeal of Bunker Lake Boulevard. The other projects are great projects and they should also be located in the <br />City of Ramsey. We will be having some property in the 1 acre range become available early next year and <br />should try to market that property to one of these two businesses. <br /> <br />Recommendation: <br /> <br />Staff would recommend selecting the Office/Professional project and entering into negotiations. <br /> <br />Review Checklist: <br /> <br />EDA: 10.13.04 <br /> <br /> <br />