City of Marshall Development Proposal to Action Manufacturing, Inc. November 26, 2013
Evolution of Trackchair
City Provided Ground Lease/ Infrastructure Airpark East Development Area: o 1560 Madrid Circle 99 year ground lease for $1/year o 5 Acres: Market Value of $125,000 All public utilities completed (water, sanitary sewer, stormwater, electric, streetlighting). Special Assessments o Waive $325,000
Minnesota Investment Fund Loan $240,000 Loan: o 2% Interest for 7 years o Job Retention of 13 FTE’s o Job Creation of 10 FTE’s o $13.00/hour with $2.00/hour benefits
Airpark East Development Area
Development Plan Action Manufacturing Construction Details o Approximately 20,000 square foot warehouse 18K SF: manufacturing, welding, fabrication, assembly 2K SF: office space/restrooms
Site Plan
Floor Plan
Future Development
Recap of Obligations City of Marshall Obligations o 99 year lease for $1/year ($125,000) o Waive special assessments ($325,000) o MIF Loan ($240,000) o Site Grading Action Manufacturing Obligations o 20,000 square foot warehouse o Job Retention of 13 FTE’s o Job Creation of 10 FTE’s o $13.00/hour with $2.00/hour benefits
Recommendation Approve Contract for Private Development Including Ground Lease and Business Subsidy Agreement for Action Manufacturing, Inc.