Laserfiche WebLink
<br /> 2 <br />Ms. Divine advised Summit Fire Protection, a company that designs, manufactures and <br />installs fire suppression systems, has requested tax increment financing (TIF) assistance <br />in the amount of $217,059 for the purpose of constructing a 30,000 square foot facility in <br />the Apollo Business Center. Summit currently is the second largest fire protection <br />company in Minnesota, and currently has location in Savage, Roseville, Rochester and <br />Fargo. The company plans to consolidate the Roseville and Savage locations into this <br />new Lino Lakes facility. The company will employ approximately 60 at this new facility, <br />including management, designers, sales positions and fabricators. The company has <br />committed to hiring at least eight new employees within two years at no less than $22.00 <br />per hour, plus benefits. <br /> <br />A public hearing is required by statue when the EDA is considering granting a subsidy <br />that exceeds $100,000. <br /> <br />EDA President Bergeson opened the public hearing at 6:05 p.m. <br /> <br />Ms. Divine introduced Mr. Quint Rubald, President of Summit Fire Protection, Mr. Frank <br />Zelley, Construction Manager, and Mr. Mark Moore, Representative for Mr. Uhde. <br /> <br />EDA Member Dahl moved to close the public hearing at 6:06 p.m. EDA Member <br />Carlson seconded the motion. Motion passed unanimously. <br />CONSIDERATION OF RESOLUTION NO. 01 – 01, APPROVING A BUSINESS <br />SUBSIDY FOR SUMMIT FIRE PROTECTION <br /> <br />Ms. Divine advised this resolution recognizes that Summit Fire Protections meets one or <br />more of the goals and objectives outlined by the EDA in its business subsidy criteria. <br />Those goals include: <br /> <br />1. Light industrial projects in the Apollo Business Center are consistent with <br />the City’s comprehensive plan designed to encourage economic growth <br />and diversity. <br /> <br />2. As part of the Lino Lakes Town Center, the projects moving into the park <br />play a significant role in providing a critical mass of development to <br />support retail and service businesses in the commercial center. <br /> <br />3. This project is also consistent with the City’s need to recover the return on <br />its investment in the existing infrastructure within the park. <br /> <br />Ms. Divine advised this project will be receiving site and building play review later <br />tonight by the City Council. It is recommended that approval of the business subsidy be <br />contingent upon final approval of the project by the City Council. <br /> <br />EDA Member O’Donnell inquired about the amount of time that the TIF will be repaid. <br />Ms. Divine advised the estimated total payback is in 2007.