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Economic Development Manager Sullivan stated that the purchase agreement would have the <br />developer on time to close in August. He stated that the developer has stated that if the TIF is not <br />awarded, it would be difficult to move forward on closing. He stated that the property is not City <br />owned and as part of the closing the current property owner would pay the outstanding deferred <br />assessments from Bunker Lake Boulevard. <br />Chairperson Steffen asked if Delta ModTech is directly to the west of this site. <br />Economic Development Manager Sullivan confirmed that Delta Mod ch is to the west of this <br />project and is doing well, exceeding all of their job creation projection . stated that business <br />is actually looking to potentially expand. He provided an update on the available land in that area, <br />noting that about 20 acres would still be available to the south i d west in the business park. <br />Member Riley commented that this would develop ind <br />pay/go format and therefore the City is not at risk, ass <br />keep 40 percent of the tax revenue. He asked if th <br />Economic Development Manager Sullivan could not <br />commented that an additional upside could be that fanta <br />noting that the minimum pay to be consi = - ed fulfillment of <br />nd, bring in jobs, be setup in a <br />ould be paid, and the City would <br />wnsides. <br />ownsides toe project and <br />usinesses come in with great jobs, <br />eation would be at least $17.45. <br />Member Cords asked if that wage number roughout the duration of the TIF life or whether <br />it is the percentage of the median income tholds throughout that period. <br />Economic Development Manageullivan stated that typically perhaps the wage would be set as <br />$18 to account for inflation. 1111 <br />4 <br />Mr. Aarsvold commented that the jobs have a set number within the agreement and two years is <br />provided to meet that goal. He stated that if a percentage of median income is used, then that <br />figure is used when the review is done. He stated that when the agreement comes forward, that <br />would create the detail about the job ovisions. <br />.1011 <br />Chairperson Steffen inviteapplic t to speak. <br />Jay Moore, applicant, stated Ramsey was a city they came across when looking for industrial <br />land which had the land zone properly with infrastructure in place. He stated that they got their <br />plan and purchase agreement together and received the proper approvals from the City. He stated <br />that their original cost estimates were feasible but as construction costs have skyrocketed as they <br />get close to closing on -the land they have been put into a pinch. He stated that as they spoke with <br />Economic Development Manager Sullivan and Mr. Aarsvold, they discussed the possibility of <br />creating a TIF district to bridge the gap. He stated that they want to proceed with the project and <br />believed that the TIF district would help to get them over the hurdle. <br />Chairperson Steffen asked for background on Oppidan. <br />Economic Development Authority/ July 8, 2021 <br />Page 3 of 12 <br />