Laserfiche WebLink
Case # 3 <br /> <br /> Potential Business Development (Cox Property) <br />By: Scan Sullivan, Economic Development/TIF Specialist <br /> <br />Background: <br /> <br />Staff has identified two prospects to develop in the City of Ramsey. The first candidate is a machine shop and <br />they would like to develop the former Arnie Cox Property (See Map). The second prospect is a rigging <br />company and they would like to develop the parcel south of Bury and Carlson (See Map). The selection <br />process should take into account diversity, tax impacts, job creation, growth potential and other factors. Staff <br />has been negotiating with the prospective businesses but it is important to have input from the EDA. The <br />intent of this discussion is to gain input and insight from the EDA as to whether these businesses would be <br />good s'elections. <br /> <br />Observations: <br /> <br />Staff has been in contact with these businesses for over two years. The names are left off to keep <br />confidentiality. There have been other general inquiries but these businesses have presented the City with <br />required information stating what the project consists of and they have timelines that will lead to Spring <br />construction. <br /> <br /> Estimated Estimated Job <br /> Business Proposed Square Market Property Current Creation Wage City of Finish <br /> Type Footac~e Value Tax Generated Emplo~'ees (two ]/ears) Rankle Origin Date <br /> $18- Elk End <br /> <br />Machine Shop 30,000 $1,500,000 $17,000 16 10 $21/hr. River 2006 <br /> End <br /> <br />Rigging Company 30.000 $1,600,000 7 5 $20.50 Anoka 2006 <br /> <br />Both projects will create high paying jobs, substantial growth potential and some industry diversity to Ramsey. <br /> <br />Recommendation: <br /> <br />Staffrecommends approving the both projects and to continue negotiations. <br /> <br />EDA Action: <br /> <br />Motion to recommend approval of both projects to City Council. <br /> <br />EDA: 01.11.06 13 <br /> <br /> <br />