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<br /> <br />MEMORANDUM <br /> <br />TO: <br /> <br />Economic Development Authority <br /> <br />FROM: <br /> <br />Heidi Steinmetz, Assistant Director of Economic Development <br /> <br />H~ <br /> <br />DATE: July 11,2005 <br /> <br />SUBJECT: Consider Tax Rebate Financing Assistance and Sale of EDA <br />Property for Medical Extrusion Technolgies, Inc. <br /> <br />Attachments <br />. Northstar Business Park Preliminary Plat <br />. Purchase Agreement Form <br /> <br />Issue <br />Staff has been working with Medical Extrusion Technologies, Inc. (MET) for the past <br />several months to identify a site and financing assistance to expand the company's <br />operations to Elk River. The EDA is asked to review and consider the following actions: <br />. Recommend the Council call a public hearing on the proposed Tax Rebate Financing <br />assistance request and business subsidy to the company <br />. Call a public hearing on the proposed sale of 2.39 acres of EDA property to the <br />company <br /> <br />Project Description <br />Established in 1990, MET manufactures plastic tubing and profiles for medical, commercial, <br />telecommunications and recreational applications. The company is owned and managed by <br />Tom Bauer and his wife, Rikki. The company currently owns a 20,000 square foot facility in <br />Murietta, CA and is seeking a suitable "sister" location within the Minnesota metro area to <br />expand and move closer to their clients in the area. <br /> <br />The company currently employs 30 full-time staff with an average hourly wage of $23.00 per <br />hour. Within two years of the expansion the company proposes to create 23 new jobs with a <br />minimum hourly wage of $15.00. <br /> <br />MET proposes to construct a 20,000 square foot light industrial building in which the <br />company would occupy 50% of the space and lease out the balance. There is no expansion <br />area planned for the project beyond the multi-tenant space. <br />