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<br />talking about building larger houses. He stated it all comes back to image, and they are creating <br />an image with all of these townhomes being built in the City. <br /> <br />Consensus of the Board was to direct staff to include the suggestions discussed above in relation <br />to economic development assistance packages on upcoming agendas for further discussion. <br /> <br />Case #2: <br /> <br />Staff Update <br /> <br />The EDA reviewed the Staff Update. Economic Development Coordinator Sullivan noted new <br />business projects; business grand openings, business communication initiatives, community <br />revitalization projects, and miscellaneous items. <br /> <br />Member Elvig left the meeting at 8:11 a.m. <br /> <br />Economic Development Coordinator Sullivan reported Panther Precision Machine has <br />approached the City with an interest in purchasing the site adjacent to their parcel in Sunfish <br />Lake Business Park Second Addition. The company is not sure when they will build, but want to <br />ensure their future in Ramsey. Mr. Sullivan requested discussion from the EDA as to whether <br />they would consider selling Panther Precision the land without a commitment to a build-out. He <br />advised the site is severely limited; the largest building that would fit would be approximately <br />30,000 square feet. The site has soil with hazardous material, which will require dewatering to <br />remove at a cost of over $150,000. Mr. Sullivan indicated the request from Panther Precision <br />will come back before the EDA on a future agenda; at this time it is informational. <br /> <br />Member Strommen commented a similar request was just agreed to with Zero Zone. <br /> <br />Member LeTourneau expressed interest in further information on what Panther Precision plans to <br />do at this time and how quickly the build-out is planned. He suggested a first-right-of-refusal <br />could be arranged. Economic Development Coordinator Sullivan replied the president of <br />Panther Precision has indicated he would be interested in an option agreement. <br /> <br />Member Kiefer suggested a possible arrangement allowing 7 years to build out, and if the <br />company does not build in that timeframe the City would receive the property back at the same <br />price plus a certain percentage each year as a markup. This would give the business an incentive <br />to build and also give the EDA an option if the company does not build within the agreed upon <br />time period. Economic Development Coordinator Sullivan noted a right-of-reverter would <br />provide any appreciation in the land back to the City. <br /> <br />Economic Development Coordinator Sullivan indicated a case regarding this request will be <br />prepared when there are more details available. <br /> <br />MEMBER INPUT <br /> <br />Economic Development Consultant Mulrooney reported Harber Industries, a company that has <br />recently located in Ramsey, believes they have a strong future and will likely be looking to <br />expand. Harber Industries is discussing starting a store fixture business within the company. <br /> <br />Economic Development Authority/October 19, 2006 <br />Page 6 of7 <br />