Approve Certificate of Completion for Cullinan Rigging

Cullinan Rigging is requesting to close their Agreement with the City of Ramsey which entails signing a Certificate of Completion which closes the Agreement and releases a lien of $250,000. This approval removes the lien enabling them to finance an expansion to their building.

On June 26, 2007 the City of Ramsey and O’Cullinan Properties LLC (Cullinan Rigging) entered into a Contract for Private Development (as attached), herein referred to as the “Agreement”. The City created a TIF district to make land available for development by Cullinan Rigging. The Agreement required the Developer, Cullinan Rigging, to construct a combined office/manufacturing/warehouse facility and in return public improvements and the property were provided to them (value of $250,000). The value of the development property and the public improvements was $368,155 before the $250,000 subsidy. The Developer additionally agreed to create at least ten (10) full-time jobs at an hourly wage of at least $14.00 per hour and maintain operations for at least five (5) years after the benefit date. A lien of $250,000 was placed on the property as insurance to the City that the Developer would fulfill the Agreement.

The Certificate of Completion (as attached) is past due for approval as the Agreement has been satisfied. Cullinan still owns and operates its facility, is expanding, and employs many more than 10 employees at wages higher than $14/hr.
 

Staff recommends approving the Certificate of Completion.

Approve the Certificate of Completion and authorize staff to sign.