Agenda - Council - 12/14/1999 - Laserfiche WebLink

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I I I I I I I I I I I I I I CASE # PUBLIC HEARING FOR SUBMITTAL OF GRANT APPLICATION TO MINNESOTA DEAPRTMENT OF TRADE AND ECONOMIC DEVELOPMENT, (MNDTED) REGARDING SYSTEMATIC REFRIGERATION By: James E. Norman, City Administrator Background: The City of Ramsey has completed negotiations for an 80,000 square foot facility to be located in Ramsey Business Park 95 by Systematic Refrigeration, currently of Rogers, Minnesota. Plans call for construction to begin in the spring of the year 2000, in the northerly most section of Business Park 95 (map attached to case). The total cost for the construction of facilities, along with needed equipment is, estimated to be approximately $3.5 million dollars. It is anticipated that the company will create 50 new jobs, within two years following the completion of the project. The newly created jobs are in addition to the 40 people currently employed with Systematic Refrigeration. As part of the negotiations with Systematic Refrigeration, the City will be making an application to the Minnesota Investment Fund Program allowing the company to utilize $2,800,000 from the Small Business Development Program, Which is managed by the Minnesota Department of Trade and Economic Development. In addition, the company is seeking financing for equipment from the City of Ramsey in the amount of $250,000. It is the City's intention to secure the funds from the Minnesota Investment Fund to accomplish this transaction. The City will also be providing the site and the financing for the site improvements. As part of this process, the City Council is required to hold a public hearing to discuss the project prior to submittal of the grant applications. Staff understands that the owner of Systematic Refrigeration will be on hand to answer questions and Economic Development Consultant Mike Mulrooney will also be on hand to provide assistance. Staff understands that the City Council is required to hold a public hearing prior to submission of the Minnesota Investment Fund application to the State. Council will need to pass a resolution for submission of the grant application (attached to case). Staff has provided a portion of the application for your review with this case. The entire application is available at Council request. Council Action: ./~'~.c~ Motion to adopt Resolution #99-12-XXX approving the application to the Department of Trade and Economic Development for funding for Systematic Refrigeration, Inc. Reviewed by: Copies also distributed to: City Administrator City Attorney Finance Officer Economic Development Consultant Acting Community Development Director CC: 12/14/99