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    11.    
City Council Regular
Meeting Date: 06/18/2019  
Subject:    Consider Resolution 19-62, Authorizing Application for Economic Development Funding for RMS Company
From: Matt Brown, Economic Development Coordinator

INTRODUCTION
The Council is asked to consider a resolution authorizing an application for economic development funding from the State of Minnesota for RMS Company.
DISCUSSION
RMS Company, which currently has 921 employees in Coon Rapids and is the City's largest employer, proposes an expansion project. A subsidiary of Cretex Companies, Inc., based in Elk River, RMS Company manufactures machined and molded components used in the medical device and aerospace industries. Located at 8600 Evergreen Boulevard since 1992, RMS completed expansions in 1998, 2006, 2011, and 2016. The proposed expansion project involves construction of an approximately 60,000 square foot addition of manufacturing space to its 275,000 square foot Evergreen Boulevard location. The company plans to create at least 80 new jobs within three years of completing the project.

The real estate portion of the project is estimated at $7,000,000 and at least $57,000,000 of equipment is expected to be purchased. In order to facilitate the project, the City intends to submit an application for funding from the Minnesota Job Creation Fund (JCF). While the specific amount of funding has not yet been determined, the JCF funding would be awarded to the business as jobs are created and retained.
RECOMMENDATION
Staff recommends that the Council adopt Resolution 19-62 supporting a Job Creation Fund application for RMS Company.

Attachments
Location Map
Resolution 19-62

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