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Member Gromberg stated he agrees the City has responsibility to help affected businesses <br />relocate. However, there may be a question as to whether the business would relocate within <br />Ramsey. One example would be the asphalt plant, which locates in cities that are not developed. <br /> <br />Member Steffen asked what the EDA's position has been in helping businesses relocate. <br />Economic Development / TIF Specialist Sullivan replied in the case of condemnation the City is <br />required to help the businesses relocate. In the situation of a voluntary sale the City is not <br />necessarily required to relocate the business. He explained the City's position with B & A <br />Cylinder at this time is that the City was actively pursuing the purchase of the property, but that <br />has changed. He has had discussions with the owner and a relationship has been built. The <br />owner knows if he is looking for help he can at least come to the City and ask for that help. <br /> <br />Chairperson Riley noted it has been stated by the Board that there needs to be some help <br />available to relocating businesses. He indicated this should be addressed somewhat on a case by <br />case basis. <br /> <br />Economic Development Consultant Mulrooney explained in most cases of condemnation he has <br />seen a lot of problem companies or properties take care of themselves, as the next time around <br />they will have to build to the current standards of the City. The companies either elect to do that <br />or go somewhere else where the standards are more lax. <br /> <br />Chairperson Riley questioned if land being held to offer for relocation would satisfy the City' s <br />obligation. Economic Development / TIF Specialist Sullivan replied the company does not have <br />to take the site that is offered to them, but that could be an alternative that could satisfy the <br />relocation requirements. <br /> <br />Economic Development / TIF Specialist Sullivan requested direction as to whether the EDA will <br />be acquiring more properties, and if a budget will be needed for this. He noted some of the <br />properties are outside of TIF District No. 2. Member Strommen noted the discussion at the last <br />meeting was that the EDA would focus where TIF funds are not available, and that should be the <br />niche for the EDA in terms of the budget. <br /> <br />Economic Development/TIF Specialist Sullivan reviewed the status of the Revolving Loan <br />Program with the EDA. He explained at the end of the year the balance will be approximately <br />$95,000. <br /> <br />Economic Development Consultant Mulrooney reviewed a summary of the following financial <br />tools available to the EDA: <br /> <br />· Tax abatement <br />· Tax increment financing <br />· The Ramsey Growth Fund <br />· The Minnesota Investment Fund <br />· SBA programs including the 504 and 7A programs <br /> <br />Economic Development Authority/September 8, 2004 <br /> Page 5 of 9 <br /> <br /> <br />