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MINUTES <br />CITY COUNCIL <br />APRIL 2, 1990 <br />proposal is $6 1/2 million, and EMC has been offered <br />15% of the project costs in TIF from other cities. <br />However, the most important aspect to EMC is the <br />location, but financing wi11 enter into their final <br />decision. <br />Mr. Dave Feinberg, CEO, EMC Corporation, appeared <br />before the Council reporting that EMC is a publishing <br />and production firm which publishes high school, junior <br />college and college textbooks as well as audio, video, <br />and computer software support materials. Feinberg gave <br />a brief history of the company which was begun in <br />1954. Feinberg reported that EMC is a <br />light-manufacturing operation that currently occupies a <br />68,000 square foot site on a five acre parcel in St. <br />Paul. The existing building has already been added <br />onto and there is no further expansion room on the <br />site. EMC would like to relocate near their existing <br />site for the convenience of their employees. <br />Feinberg reported that EMC is planning a 135,000 square <br />foot new facility that would be designed to be expanded <br />to 250,000 square feet some time in the future. EMC <br />currently employees 170 people, has grown rapidly <br />during the last several years, and anticipates having <br />500 to 600 employees in the foreseeable future. The <br />company did $14 1/2 million in sales last year. <br />Blesener asked if the firm did its own printing. <br />Feinberg replied that it did not, that EMC contracted <br />out printing and was primarily an editorial operation, <br />doing assembly and processing. <br />Mary Ippel, the City's bond counsel with Briggs & <br />Morgan, reported that Pat Pelstring from Business <br />Development Services is recommending in his March 31, <br />1990 letter that the City call for a public hearing <br />before the end of April to consider the creation of a <br />TIF District for this particular site. Since the <br />County and School Districts require 30-day notice of <br />such TIF proposals, the City will have to as~ the <br />County and School District for their written comments. <br />Ippel also reported that the Planning Commission will <br />Page 2 <br />