11-08-2018 Planning Commission Minutes

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MINUTES PLANNING COMMISSION NOVEMBER 8, 2018 expansion of the company's food processing and distribution capabilities and accommodate their growth. The City Administrator stated that the proposed project will relocate approximately 400 existing jobs and create net 160 new positions over the next five years. He reported that the project will require a $25,000,000 investment to acquire the property, up -fit the building to food -grade standards and furniture, fixtures, equipment and IT. He stated that the business plans to purchase the existing building and anticipates a total of $14,700,000 in improvements. He reported that the current taxable market value of the property is currently $8,427,500, and the Ramsey County Assessor has indicated that the property value will increase by $1,500,000- $2,000,000 once the upgrades are completed. Based on an analysis by Ehlers Financial Advisors, the project will generate an estimated $32,588 in annual tax increment. Schwalbach asked if the new business was going to use the building as -is. The City Administrator stated that there will be more improvements to the interior, although the City has not received any permit applications yet to know exactly what will be done. The Associate Planner noted that this property currently has a conditional use permit (CUP) for outdoor storage of the semi -trailers, and the new business has indicated that they can meet the same conditions, so it will be a continuation of the same use. Johnson moved adoption of Resolution 2018-PC-2, finding that a Development Program for Development District No. 7 and a Tax Increment Financing Plan for Tax Increment Financing District No. 7-2 Conforms to the General Plans for the Development and Redevelopment of the City. Motion seconded by Kwapick. Motion carried 5 — 0. ADJOURN There being no further business, Buesing adjourned the meeting at 7:44 p.m. Respectfully submitted, G, Heidi Heller City Clerk. -2-