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CASE # 2 <br /> <br /> Minks Custom Homes Project <br />By: Sean M. Sullivan, Economic Development / TIF Specialist <br /> <br />Background: <br /> <br />Staff has been approached by Minks Custom Homes to develop a site on Sunfish Lake Court. <br />The proposed project calls for an initial office/warehouse building of 20,048 S.F.. A future <br />expansion o1? 10,360 S.F. is proposed for the project at a later date. Currently the land needed for <br />this project is held by two property owners. National Growth owns a .88 acre parcel and <br />Command Corporation owns the remaining 2.5 acres needed to complete the project. Staff was <br />directed by the EDA to play a facilitator role in getting the land acquisition done for the proposed <br />project. This project would be an e~2cellent fit for this area because' it would provide high quality <br />development at an important entry point corridor of the City. <br /> <br />O bscrvations: <br /> <br />Stall' has successfully facilitated an agreement that is acceptable by all parties. Minks Custom <br />Ik>mes will purchase both pieces of property and will begin construction of a 20,048 office/ <br />warehouse project next Spring. The Developer has made it clear that the project can not go <br />Ibrward without financial incentives from the City of Ramsey. Staff is proposing to provide <br />$300,000 in financial assistance to the project from Tax Increment Financing District No. 2 to <br />assist the developer for a portion of the land cost and site improvements. Minks Custom Homes <br />currently has 7 full time ~mployees as well as many summer seasonal employees.. The business <br />proposes to add at least 12 full-time jobs to the City of Ramsey at a minimum of $14.00 per hour <br />which would fulfill the State statutory and City Council requirements established for providing <br />financial incentives. The initial project would be valued at approximately $2,000,000 dollars and <br />thc expansion would bring the final total to approximately $2,500,000. This project will really <br />sharpen up one of the main entry point into the City and Staff fully supports it. <br /> <br />Recommendation: <br /> <br />Staff recommends that the EDA recommend to the City Council that the City of Ramsey <br />participate financially in the Minks Custom Home project. <br /> <br />Ei)A Action: <br /> <br />Based on discussion <br /> <br />Reviewed by: <br />Jim Norman, City Administrator <br /> <br />EDA: 09/07/05 <br /> <br />P15 <br /> <br /> <br />