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Economic Development Consultant Mulrooney explained that there is a large company that ia <br />interested in locating to Ramscy that is currently located in the north suburban area. He noted <br />that they are also considering the cities of Blaine and Lino Lakes. <br /> <br />City Administrator Norman noted that the issue was presented to the EDA at their last meeting <br />and they recommended that staff begin negotiations for the Waste Management property. <br /> <br />Councilmember Com~olly inquired as to what the wage range would be for the company. <br /> <br />Economic Development Consultant Mulrooney replied that the wages would be comparable to <br />Mate Precision since they are a machinist company. <br /> <br />Consellsus of the Council was to direct staff to begin negotiations with Waste Management for <br />land acquisition. <br /> <br />b) BMA Property Development Analysis <br /> <br />City Administrator Norman stated that an analysis was prepared to assist the City in evaluating <br />alternatives for the use of the undeveloped and unimproved property commonly know as the <br />BMA parcel. The study shows a comparison between mixed retail and industrial development <br />and estimates the impact of each type of development on the tax base and its effect on City tax <br />revenues over a period of time using present value analysis with an inflation factor of 3%. <br /> <br />Economic Development Consultant Mulrooney reviewed the different tax impacts between a <br />mixed retail development and an industrial development. <br /> <br />Councilmember Connolly inquired if the assumptions used in the analysis include the increase in <br />services that will be a result of each type of development. <br /> <br />Economic Development Consultant Mulrooney replied that that area has not yet been analyzed. <br />He also noted that the analysis also does not include the sale of any of the property which would <br />probably improve the values of the industrial development. <br /> <br />Councihnember Hendriksen inquired if the analysis takes into consideration the possible river <br />crossing in that location. <br /> <br />Economic Development Consultant Mulrooney replied that he did not think so. <br /> <br />Mayor Gamec inquired if industrial revenue bonds are used would they help the TIF district. <br /> <br />Economic Development Consultant Mulrooney replied no. <br /> <br />Mayor Gamec inquired if use of the industrial revenue bonds would reduce the amount of TIF <br />funds that can be used. <br /> <br />City Council/September 26, 2000 <br /> Page 2 of 5 <br /> <br /> <br />