5.1. SR 11-21-2005 - Laserfiche WebLink

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ITEM I 7_ MEMORANDUM TO: Economic Development Authority FROM: Catherine Mehelich, Director of Economic Development)41 DATE: November 14, 2005 SUBJECT: Consider Recommendation to City Council for Approval of Tax Rebate Financing Assistance for Quality Label, Inc. Project Attachments · Quality Label Preliminary Site Plan for Elk River Business Park · Tax Rebate Financing Policy & Quality Label, Inc. Application · Tax Rebate Financing Proposal Review Worksheet Issue Staff has been working with Quality Label, Inc. for the past several months to identify a site and financing assistance to relocate and expand the company's operations to Elk River. The EDA is asked to review the company's request and consider recommending to the City Council approval of the Ta..x Rebate Financing (TRF) assistance request and business subsidy. Proiect Description Quality Label is a family-mvned printing company specializing in labels for the food and beverage, health and beauty, promotional and medical industries. The company is owned by Jon Jacobs and Chad Johnson. The company currently employs 23 full-time staffwith an average hourly wage of $21.00 per hour. In addition to the 23 current staff, within two years of the expansion the company proposes to create 15 new jobs with a minimum hourly wage of $15.00. The company anticipates the creation of 30 new jobs '\vithin a 5-year period. The company currently leases 12,000 square feet in Fridley and is seeking a location within the northwest metro area to relocate and expand in time for lease e};"piration in spring 2006. Quality Label proposes to constmct a 25,000 square foot light industrial building on a 4.12- acre lot in Elk River Business Park, occupying 80% of the space and leasing out the 5,000sf balance. In the past year the company has experienced tremendous gro\V"th in the industry and therefore intends to e:h."pand the building up to a total of approximately 58,000 square feet in the future.