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CITY OF ARDEN HILLS <br /> • MEMORANDUM <br /> DATE: August 21, 1996 <br /> TO: Economic Development Committee <br /> FROM: Kevin Ringwald, Community Development Director <br /> SUBJECT: Monthly Report <br /> 1. Cardiac Pacemakers Inc. The Minnesota Department of Trade and Economic <br /> Development (DTED) on August 12, 1996 awarded CPI a$300,000 Minnesota <br /> Investment Fund grant(forgivable loan). The Staff has been pursuing this award on <br /> behalf of CPI for almost one year(see Monthly Reports, August and November of 1995 <br /> and May of 1996). <br /> The CPI project will create and retain jobs in Minnesota, specifically Arden Hills. The <br /> project will create at least 70 high wage jobs and may create up to 200 new jobs. The <br /> CPI project has retained 450 manufacturing and 90 professional jobs in Minnesota. <br /> Cumulatively, the CPI project has the potential to retain or create approximately 740 high <br /> • wage jobs in Minnesota's medical device industry. <br /> The $14,646,500.00 project involves consolidating and expanding the CPI operations at <br /> their Arden Hills campus. To this end, CPI has leased approximately 95,000 square feet <br /> of space in the Control Data Corporation's (CDC)building directly east of the CPI <br /> campus. Also, CPI has the right to lease approximately an additional 19,000 square feet <br /> and construct a skyway from the CPI campus to the CDC building. The additional space <br /> and its proximity to their campus provides the required operational efficiencies. CPI is <br /> continually developing new product lines and these new spaces will facilitate the <br /> exploration of these new market niches. <br /> 2. Golden Quince. The Golden Quince bakery has recently opened in Arden Plaza. <br /> Attached is an article on the new bakery from the Focus News, Business `96 edition <br /> which was published on August 1, 1996. <br /> 3. Metro East Development Partnership. Attached for your information is the Metro East <br /> Development Partnership (MEDP) SCOREBOARD through the beginning of August. <br /> You might note that of the businesses assisted by MEDP that 46 percent of the capital <br /> investments and 21 percent of the jobs were to Arden Hills companies. <br /> 4. Business Tracking System Quarterly Report-July 1996. Attached to this <br /> memorandum you will find the Quarterly Report of the Minnesota Business Tracking <br /> System. The report was prepared by the DTED. <br />