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the city that works for you <br />TO: City Manager Dean Lotter <br />City Council Members <br />FROM: Grant Fernelius Pr' <br />David Black 1:6 <br />RE: Inter -Plant Sales <br />Request for Financial Assistance <br />DATE: June 10, 2008 <br />Canniff, Inc. dba Inter -Plant Sales has requested some type of financial assistance for the <br />construction of its new building at 3595 New Brighton Road. Working with our public <br />finance consultants, staff evaluated several options and determined that an Economic <br />Development (TIF) District can be legally established to benefit this company. Financial <br />projections were developed and the results shared with the company's representative. <br />Given that information, Canniff is requesting that a TIF district be established and <br />revenues totaling approximately $120,000 be made available on a "pay-as-you-go" basis. <br />The company's primary rationale is that it will incur an estimated $180,000 in <br />extraordinary construction costs related to soil correction. <br />Staff is taking no position on whether this request should be granted. This memo is <br />written in order to inform you of this project and ask for guidance on responding. Is there <br />interest in hearing more detailed information about the company and the project? Would <br />the Council set aside some time at a work session? Should the applicant be invited to <br />present his case? <br />The Proiect <br />On May 27"' the Council approved a site plan, variance, and roadway vacation to allow <br />construction of a 24,387 -square -foot warehouse building (20,787-sf footprint and 3,600- <br />sf mezzanine) for Inter -Plant Sales. The company is currently located in rental space in <br />Hopkins, in a building that will be demolished sometime in 2009. The family that owns <br />the company has owned the 1.40 -acre New Brighton property for many years. It is <br />currently vacant except for a small storage shed. <br />Inter -Plant Sales will use the new building as a showroom for various types of industrial <br />cranes that it sells. There will be a small mezzanine level for offices, housing less than <br />10 employees. <br />