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<br /> r , <br /> .c . <br /> :. CITY OF ARDEN HILLS <br /> MEMORANDUM <br /> DATE: November 27,1995 <br /> I <br /> TO: Mayor and City Council <br /> I FROM: Kevin Ringwald, Commnnity Development Director V <br /> I SUBJECT: Resolution No. 95-80, CPI Guidant <br /> Reauest <br /> I The City Council is requested to approve Resolution No. 95-80 (Exhibit A). Resolution No. 95- <br /> 80 authorizes the City to make an application (Phase II) to the Minnesota Department of Trade <br /> and Economic Development (DTED) for a grant (forgivable loan) in the amount of$250,000 to <br /> I $300,000 to facilitate the consolidation and expansion at CPI Guidant. <br /> I Background <br /> CPI Guidant (CPI) is a world leader in the medical device and diagnostics industry, specifically <br /> cardiac rhythm management. In June of 1995, CPI received approval from the Food and Drug <br /> " Administration for the market release of their VIGOR DR and SR pacemaker systems. The <br /> market release of VIGOR DR and SR brings the total of new CPI products introduced into the <br /> United States market to nine, since the start of] 995. <br /> I In August of] 995, CPI approached the City of Arden Hills requesting assistance in retaining up <br /> to 90 professional jobs and 450 manufacturing jobs and creating] 00 jobs by the end of ] 995 and <br /> I creating 200 additional jobs by January of] 998. Also, in August of ]995, DTED, with the <br /> assistance of Metro East Development Partnership and the City of Arden Hills prepared a <br /> proposal to CPI to retain and create these jobs in Arden Hills. CPI concurred and is in the <br /> I process of consolidating and expanding their operations into a portion of the Control Data <br /> building. It is estimated, by CPI, that the consolidation and expansion costs will be <br /> I approximately $] 4,550,000 to $ ]6,550,000 through June of] 996. <br /> In October of] 995, the Staff completed the Phase I application for this request and forwarded it <br /> I to DTED (Exhibit B). Also, in October of] 995, DTED informed CPI that appeared that they <br /> would be eligible to receive $250,000 to $300,000 in assistance for their project (Exhibit C). <br /> I Recommendation <br /> Authorize the Mayor and City Administrator to execute Resolution No. 95-80. <br /> I <br /> t# <br /> ~,... <br /> I <br />