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ITEM # 6. <br /> • �j <br /> City of <br /> Elk <br /> River <br /> MEMORANDUM <br /> TO: Economic Development Authority <br /> FROM: Heidi Steinmetz, Assistant Director of Economic Development tf5 <br /> DATE: July I I, 2005 <br /> SUBJECT: Consider Tax Rebate Financing Assistance and Sale of EDA <br /> Property for Medical Extrusion Technolgies, Inc. <br /> Attachments <br /> • Northstar Business Park Preliminary Plat <br /> • Purchase Agreement Form <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 /> 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 /> 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 /> 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 /> • <br /> area planned for the project beyond the multi-tenant space. <br />