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•43 of the new jobs $18.50/hr or more within 2 years after building occupancy <br /> •Potential to keep existing Anoka County business in Anoka County(Currently in City of Anoka) <br /> Future Actions EDA Actions (if project moves forward) <br /> •March 14, 2024- The EDA will review the TIF Agreement and TIF Plan and make a recommendation to <br /> the City Council <br /> Future Actions by City Council(if project moves forward) <br /> February 13,2024 - The CC will review the general terms of the TIF Agreement and Call for a Public Hearing for <br /> TIF District 19 Approval and Business Subsidy Approval on February 20, 2024 <br /> April 9, 2024 -The CC conducts public hearing for TIF District Creation and to award business subsidy to <br /> Medart, Inc. <br /> Alternatives: <br /> 1) Recommendation to City Council for$1.5M (0% interest) in TIF Pay-GO Assistance and requirement for the <br /> creation of 30 jobs with a minimum wage of$18.50/hr or higher by Medart, Inc.; subject to TIF attorney review <br /> 2) Recommendation to City Council for$ (0% interest) in TIF Pay-GO Assistance and requirement <br /> for the creation of 30 jobs with a minimum wage of$18.50/hr or higher by Medart, Inc.; subject to TIF <br /> Attorney review <br /> 3) Direct Staff to continue negotiations with Medart for a TIF amount less than 1.5M <br /> 4) Something else <br /> Funding Source: <br /> All costs for this project will be funded through TIF Application Fee and the proposed TIF District No. 19 which <br /> will need to be created. <br /> Recommendation: <br /> Based on discussion. Staff supports provision of more than the initial offer of 550K in assistance and a <br /> number that the EDA is comfortable with that will bring the project to Ramsey. Staff believes this <br /> number will be (1.1 M to 1.5M). Staff is asking the EDA to consider the 1.5M TIF package but <br /> understands that the EDA could recommend presenting a counter-offer based on discussion with the <br /> applicant, City Staff, EDA members and Ehler's. <br /> Outcome/Action: <br /> Motion to recommend to City Council for$ (0% interest) in TIF Pay-GO Assistance and <br /> requirement for the creation of 30 jobs with a minimum wage of$18.50/hr or higher by Medart, Inc.; <br /> subject to TIF Attorney review <br /> or <br /> Direct Staff to continue negotiations with Medart for a TIF amount less than 1.5M <br /> Attachments <br /> Site Location Map <br /> Scored Business Assitance Application-Medart <br /> Ehlers Memo 1.31.24 <br /> Medart TIF, Tax and Valuation Summary <br /> TIF Run A-Election <br /> TIF Run-B Election <br /> Draft TIF Schedule <br /> Form Review <br />