Laserfiche WebLink
<br />Member Kieffer stated he was in favor of discussing the market survey results of three years ago <br />and to look at what 5th Street Ventures thoughts are for the future. <br /> <br />Member LeTourneau stated it would be great to sit down and talk with them; however, the <br />market survey is very outdated. due to the changes over the past three years. He indicated it <br />would be more appropriate to look at the survey done by 5th Street Ventures. <br /> <br />Member Kieffer stated this area would support a hardware store. <br /> <br />Member Steffen stated 5th Street Ventures specializes in refurbishing older strip malls and <br />believes it would be beneficial to contact them. <br /> <br />Consensus of the Board was to contact 5th Sti"eet Ventures to welcome them to Ramsey and <br />inquire as to their thoughts for the future. <br /> <br />Interim City Administrator Nelson commented that the City of Ramsey would always struggle to <br />create a Commercial Node in this area. <br /> <br />Member Kiefer requested making 5th Street Ventures aware of the business networking meetings. <br /> <br />Case #4: <br /> <br />Consider Bennett-Cooper Loan <br /> <br />Economic Development. Coordinator Sullivan presented the updated information on the request <br />for RLF financing for Bennett Cooper Floors. <br /> <br />Economic Development Consultant Mulrooney reported contacting Bennett Cooper Floors. He <br />explained the business increased its retail business once it relocated to Ramsey in 2006. He <br />stated Bennett Cooper Floors competes effectively with a number of the big box stores and offers <br />tremendous value in carpet and flooring. He stated Bennett Cooper occupies a 10,500 square <br />foot building and an additional 4,000 square feet of a second 12,000 square foot warehouse <br />building. He indicated that the business has been impacted by the downturn in the housing <br />market. <br /> <br />Economic Development Consultant Mulrooney reported that Bennett Cooper proposes <br />redeveloping the building into a multi tenant unit. He stated two additional businesses have <br />expressed an interest in leasing space in the building. He explained that the redevelopment <br />would require some remodeling and the Ramsey Revolving Loan Fund (RLF) is a tool that could <br />be used for redevelopment. He stated that Bennett-Cooper was informed they could apply for a <br />loan through the RLF for $56,000. <br /> <br />Economic Development Consultant Mulrooney provided the Bennett Cooper fmancials and the <br />assumptions to date. He stated that the business as it is currently operating could not cover the <br />debt service as proposed unless sales increased or debt was restructured. He explained that he <br />took into account the rental income from the proposed multi tenant building. He stated his <br />. experience with the owner has been exemplary. He stressed that Mr. Cooper is a hard worker, <br /> <br />Economic Development Authority/September 6, 2007 <br />Page 5 of8 <br /> <br />5 <br />