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©OW OF <br /> CADS <br /> Phone: (612) 717-4000 <br /> ' Fax: (612)784-3462 <br /> S <br /> °grers' • Partnevs' <br /> November 12, 1997 <br /> Mr. Kirk Brown, General Manager <br /> Mr. Jeffrey Kubsch, Division Controller <br /> Portable Products <br /> 5200 Quincy Street <br /> Mounds View, MN 55112-1426 <br /> Dear Kirk and Jeff: <br /> It was a pleasure meeting you both and touring the Portable Products Facility in Mounds View. I <br /> can certainly see why you need additional space for your growing business. <br /> I wanted to respond to CalPers request for a $700,000 grant to help Portable Products expand <br /> into adjacent space in Mounds View. Even though the City of Mounds View is interested in <br /> assisting in the retention of quality companies such as Portable Products, a grant request of this <br /> • magnitude is unprecedented. <br /> The City of Mounds View has been reluctant to provide grant funds for private expansion. <br /> However, low interest loans have been issued to assist in the expansion and improvement of local <br /> companies who have been in the community for more than two years. In addition, pay-as-you go <br /> Tax Increment Financing has been used to facilitate significant company investment in the <br /> community using increased property taxes to finance public improvements. In this instance, a <br /> grant request is difficult to justify as there are no new property taxes generated from the <br /> expansion. Although there is a risk of losing jobs in Mounds View, it is difficult to know the <br /> direct impact on any Mounds View residents. In reviewing and prioritizing the many projects in <br /> the City, $700,000 could be spent on costly redevelopment efforts that would result in a direct <br /> increase in the tax base and visual improvement to the City. <br /> The City may look more favorably on providing assistance if the request were restructured to <br /> include an equitable investment by both the owner of the building and Portable Products. Clearly <br /> there is an advantage to both CalPers, by retaining and expanding a long term lease arrangement, <br /> and to Portable Products if a smooth expansion transition into adjacent space can be accomplished <br /> without having to move and disrupt existing and future production and distribution. <br /> • <br /> r* <br /> Io�MTtD W�T„i 2401 Highway 10 • Mounds View, MN 55112-1499 .m. <br /> $dy INK(rM ,ecvciea pacer <br /> Equal C000rtunrty Employer <br />