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8.0. EDSR 08-08-1995 b® ' ELK RIVER ECONOMIC DEVELOPMENT AUTHORITY TO: Economic Development Authority FROM: William Rubin, Executive Direct y\/ " DATE: August 8, 1995 SUBJECT: Request for Tax Increment Financing Assistance TL Feeding Systems, Inc. Introduction At its August 8th meeting, EDA Commissioners will hear a presentation from Mr. Patrick Pelstring, CEO of Public Resource Group, Inc., a Plymouth-based economic development consulting group. Public Resource has been retained by TL Feeding Systems, Inc. to - assist it in a site selection exercise. TL Feeding currently leases space within a larger facility within the 8700 block of Wyoming Avenue North in Brooklyn Park,Minnesota. Following this presentation, it is likely that a request for Tax.Increment Financing (TIF) will be initiated on behalf of TL Feeding Systems in order to facilitate the construction of a 15,000 square foot manufacturing facility on a 3 to 5 acre site in the new Business Park • area. Background 1 Previously, TL Feeding Systems was a subsidiary of TL System s Corporation. Mr. Al Larson, principal of the company, recently sold his interest in TL Systems. This necessitates the expansion/relocation of TL Feeding Systems. TL Feeding System designs and manufactures vibratory and centrifugal feeding equipment and systems that orient various products for assembly and packaging. Primary customers are associated with the food sector, high technology,medical sector, industrial sector, and original equipment manufacturers (OEM). As of late July, Ti., had 10 employees. Additional information on the company is found in an attachment to this memo. At this writing, TL Feeding is requesting a1' assistance in the amount of$150,000. TN funds would be used to write down"the cost of a 3 to 5 acre site in the business park and for general site development/site preparation costs. EDA Commissioners should note that a 3 acre parcel at $1.00 per square foot (more or less) will cost nearly $131,000. This calculation assumes that assessments are included in the purchase price. In an August 2nd letter, Mr. Pelstring outlines the financing for the TL project. Under "Sources of Financing", please note that no company equity is included in the financing. Under a "pay-as-you-go" TIF transaction, the company would be required to acquire the land and fund the site development costs. The project's new property taxes are returned P.O. Box 490 • 13065 Orono Parkway • Elk River, MN 55330-1743 • (612) 441-7420 • Fax: (612) 441-7425 Equal Opportunity Housing and Equal Opportunity Employment to the company over a period of years until it is reimbursed for these expenses. It is • recommended that this course of action be followed for the TL TIF assistance. To facilitate this TIF request, an "Economic Development District" would be created. As with the recent Mowry/Neos TIF request, economic development districts are intended to last for only a few years. In addition, a local government aid and homestead and agricultural credit assistance (LGA/HACA) reduction can be anticipated. Below is a proposed timetable to complete this request for TIF assistance: August 8- EDA authorizes the preparation of a TIF Plan for the TL Feedings, Inc. project;EDA also recommends that the City Council authorize a public hearing to consider the adoption of a TIF Plan. August 21- City Council sets public hearing to consider TIF Plan. Mid-August- TIF plan is sent to school district and county board for review and comment. August 15- County Board meeting August 22- School Board meeting August 22- Planning Commission reviews 11} Plan. 1111 August 30- EDA TIF hearing notice published in the Star News. September 6- City Council TIF hearing notice published in the Star News. September 11-EDA conducts public hearing and adopts TIF Plan. September 18-City Council conducts public hearing on TIF Plan. Action Requested Following a presentation by Pat PeLstring, and, after considering the merits of this TIF request,the EDA is asked to: A. Prepare a flF Plan for the TL Feeding Systems expansion; B. Schedule a public hearing for September 11, 1995 to consider the adoption of the TIF Plan; and, C. 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August 2, 1995 • Marketing, Development&Finance Specialists Mr. Bill Rubin Economic Development Director City of Elk River 13065 Orono Parkway P.O. Box 490 Elk River, MN 55330 Re: TL Feeding Dear Mr. Rubin: Al Larson, Wally Larson, Fred Nungesser, and I appreciated the opportunity to meet with you and gain a better understanding of your programs and the opportunities for development in the City of Elk River. We feel the meeting was very worthwhile and we now like to present a proposal for consideration by you and/or the Elk River Economic Development Authority. The project has taken on additional significance, as the principals of the company are i considering construction of a 15,000 square foot office/warehouse which would house TL Feeding as well as another industry which Al is currently involved. For this reason, we would like to present an integrated financing plan which addresses both the facility financing and meets the operating and equipment needs of TL Feeding. I would propose a overall sources and uses of funds as follows: FACILITY USES OF FUNDS Acquisition of Site (3 acres at 45,000/acre) $135,000 Building Construction (15,000 square feet at $35/square foot) 525,000 Contingency and Closing 50,000 TOTAL USES OF FUNDS $710,000 SOURCES OF FUNDS Bank - 1st Mortgage $510,000 Initiative Fund - 2nd Mortgage 50,000 City/EDA TIF 150,000 TOTAL SOURCES OF FUNDS $710,000 • 4205 Lancaster Lane North♦ Suite 1100 • Minneapolis,Minnesota 55441 • (612) 550-7979 ♦ (612) 550-9221 Fax TL FEEDING USES OF FUNDS Equipment Acquisition 100,000 Working Capital/Production',,Development 200.000 TOTAL USES OF FUNDS $300,000 SOURCES OF FUNDS Bank - Line of Credit $150,000 Initiative Fund 50,000 Elk River - Micro Loan 50,000 Owner's Equity 50.000 TOTAL SOURCES OF FUNDS $300,000 This proposal presents an overall outline which would facilitate the initiation of the project. For purposes of tax increment, I have assumed that the facility would carry a market valuation of approximately $600,000 generating approximately $30,000 - $35,000 a year of increment. I have also reviewed TL Feeding's existing equipment and asset list and I am relatively comfortable that the bank line of credit and other financing could be appropriately collateralized. I encourage you to review this information and I would be more than happy to meet with you and your development authority to discuss the project in greater detail. I look forward to • working with you on this project in Elk River. Sincerely, 'UB,IC RESOUR 'O P, INC. Lk w Patrick W. Pelstring Chief Executive Officer PWP\dp cc: Al Larson Wally Larson Fred Nungesser • • JUN 2 6 1995 PUBLIC RESOURCE GROUP INC. June 23, 1995 . Marketing, Development&Finance Specialists Mr. William Rubin Economic Development Coordinator 13065 Orono Parkway P.O. Box 490 Elk River, MN 55330, Dear Mr. Rubin: We have been retained by T L Feeding Systems, Inc. to find space within the Northwestern suburbs for relocation of their current operation. Al Larson, company principal, has recently sold his interest in T L Systems which has necessitates this relocation. Mr. Larson's history of success and growth at T L Systems provides a strong indication of future plans for the growth of T L Feeding. Although the company currently generates less than $1,000,000 in sales, the principals have significant plans for expansion of the business related to proprietary products, currently under development. The recent financial history is T L Feeding Systems has trended downward, however, the company retains a reasonable base of sales, positive net worth and significant unencumbered assets. The financial performance of T L Feeding was directly affected by the growth and ultimate sale of T L Systems. The principals have the financial strength to complete the financial transaction and growth anticipated for the company. This company represents a good opportunity for a potential high growth company to be located in Elk River. At this stage, I would request only a preliminary response, expressing your interest and identifying prospective financial programs which may apply from your community to this project. The company has a fairly limited search territory and wishes to make a preliminary site decision by mid July. For this reason, I would request that you would forward information to my attention by July 7. Sincerely, ' UJ C RE. • b 'C GROUP, INC. Oft Patrick W. Pelstring Chief Executive Officer PWP\dp Enclosure cc: T L Feeding Systems Attachment 4205 Lancaster Lane North •Suite 1100 +Minneapolis, Minnesota 55441 •(612) 550-7979 •(612) 550-9221 Fax I PUBLIC RESOURCE GROUP INC. Marketing, Development&Finance Specialists Project Profile Specialized Packaging Equipment Designer and Manufacturer Introduction Al Larson, was a founder and majority shareholder of T L Systems. T L Systems designs and manufacturers specialized packaging equipment for the pharmaceutical industry. The company, located in a 75,000 square foot facility grew to an excess of$15,000,000 of sales through 1994. As of March 1995, the company was sold to an European manufacturer and Mr. Larson's interest in the company was sold. A key aspect of the sale of T L Systems was Mr. Larson's development of a patented, enclosed, clean room pharmaceutical packaging system. This system is viewed as the next generation of pharmaceutical packaging equipment. In addition to T L Systems, Mr. Larson founded T L Feeding Systems in 1987. This company designs and manufacturers "feeding" equipment that orients product for assembly and packaging operations. T L Feeding, quite often was a subcontractor of T L Systems but sales of its equipment have applications for a wide variety of industries as pouch feeding, cosmetic and health products, and food packaging. As a result of the sale of T L Systems, T L Feeding must vacate its space within the T L Systems facility. The management of T L Feeding is interested in developing additional proprietary products to promote the growth of the company. Business Description T L Feeding Systems offers manufactures and processors state-of-the-art technology in vibratory technology and centrifugal feeders. The company has designed and manufactured systems for hundreds of companies. The company's specialty is to design high-speed feeding equipment at guaranteed rates of up to 800 units per minute. 4205 Lancaster Lane North ♦Suite 1100 •Minneapolis,Minnesota 55441 •(612) 550-7979 •(612) 550-9221 Fax T L Feeding designs, engineers, and manufactures feeders and systems for a wide range of • companies including: • Electronics • Pharmaceutical • Food Processing • Communications • Toys • Industrial • Cosmetics • Ordinance • Automotive • Medical • Premiums • Pouches Working in conjunction with T L Systems, the company achieved profitability on sales of approximately $1,500,000 $1,800,000 during the early 1990s. The decision to seek the sale of T L Systems by the company's principals, resulted in a "lack of attention" to the growth and success of T L Feeding. Most recently, sales have fallen into the $700,000 - $900,000 per year range with net operating losses. The principals however intend to reverse this trend and substantially grow the business. Project Description P The company has identified its needs into two distinct projects. The relocation of the company is intended to focus principally on a metro or near metro location. The current employees at • T L Feeding are highly trained and very difficult to replace. A location out of the metro area would be difficult and costly due to the high employee relocation costs. Company Relocation -T L Feeding Systems currently has approximately 8 - 10 employees with $700,000-$900,000 in sales and will require a new location within the next 90 - 180 days to continue operations. T L Feeding will require approximately 5,000 7,000 square feet of office showroom type space which will include both the administrative office and lab area. Proprietary Product Development and Manufacturing - This phase of the project which, potentially could occur simultaneously, would include a capitalization plan to encourage the reformulation of T L Feeding's business into a high technology company with a product and manufacturing orientation. The company has identified the potential to develop a variable control system which could be applied to retrofit existing machinery throughout the country. This product would be a relatively low cost product, but represents a significant market potential, given the potential retrofit of +100,000 machines throughout the country. A second, more sophisticated product, would be to develop a sophisticated "pouch feeding" device. This product is more "research and development" intense but it is consistent with previous projects at T L Feeding Systems. This product, once developed, would be marketed as a $35,000 - $50,000 piece of machinery which, would be in demand for most of the more sophisticated pouch feeding systems developed throughout the country. • This phase of the project would result in the potential for the company to develop additional • proprietary rights to specific pieces of equipment. In essence, the company would develop additional "manufacturing capacity" which is more oriented to the assembly of the developed products. These products could be integrated into the design and development projects which are typical service of T L Feeding, as well as sold to other equipment manufacturers. This phase of the project has the potential to significantly grow T L Feeding into a $10,000,000+ company. This phase of the project would require approximately $175,000 - $200,000 of research and development funding as well as an additional $100,000 - $150,000 of operating capital. The principals of the company have access to significant capital which can serve as an equity investment to support the funding for this project. Management The key management personnel of T L Feeding Systems is as follows: Al Larson - President/Chief Executive Officer Fred Nungesser - Vice President/General Manager Don DeMorret - Secretary/Treasurer Facilities and Employment • It is anticipated that initially, the production facility would require approximately 7,500 square feet and initially 8 to 10 employees. Within 12 - 18 months it is anticipated that the company would require expansion space up to 15,000 square feet and 10 to 12 additional production employees. On a longer term basis, the company anticipates generating $6,000,000 - $10,000,000 of sales in this division which would require an estimated 30,000 - 40,000 square feet and 50 to 75 employees. The nature of the manufacturing will require highly skilled employees with average wages of $8.00 - $14.00 per hour. Response This information is being provided to a limited number of communities in the Northwestern suburban area. Please direct preliminary responses which details available space, finance programs and community information to: Patrick W. Pelstring Public Resource Group, Inc. 4205 Lancaster Lane North, Suite 1100 Plymouth, MN 55441 (612) 550-7979 TL FEEDING- SYSTEMS, INC. • Subsidiary of TL Systems Corporation Designers and Manufacturers of Vibratory and Centrifugal Feeding Equipment and Systems that Orientate Product for Assembly and Packaging Operations. , �� ,+^13 * t akee...a.e `�ij 1714 s x i t +Aq'� 6� y �* .^"4�y.—'4 4' D' ,A n,aC +a r H' • '\ l h ♦ y _ AEms`{� �14Z d41'At� 4 & A9 1;v.. AVP.,..'" gait AI* . TL Feeding System's mission is to design and manufacture cost effective, state-of- the-art, feeding systems for manufacturers who require high quality and/or high volume production. 3/1/95 Version 1 • TL Feeding Systems, Inc. Manufacturing Capabilities • Established 1986 • 18,000 square feet • Facility built in 1992 • Up to date manufacturing tooling and equipment • National manufacturer of feeding equipment • Centrifugal Feeders • Vibratory Feeders Hoppmann Distributor — Established distributor since 1987 — Only Hoppmann Distributor in Minnesota — Offer local service for Hoppmann centrifugal feeders • 3/155 Vmion 1 TL Feeding Systems, Inc. 0 . I... vs 1 • X.. 1. ' ,.--....."-• .. 4 _ -"- = 7-2z...-”..,• • - , 1 *-• ,, -- -- ..-,, , • - • - --It,' W- --- ,': ▪ 4 --if --1--... ---- , II f - 6, 4.. 1 ,T, .. . . _ .... ▪ - I , -_. . s ..iii'''' if , "--".",,,,, ,.0.- Zi• i .'. ' .. ,l -lel 11!, • ... - ,. —. • 4-4,1 1-','4'.''-I,,\-•..:,-', a ' - ...4W4 -- - -.J...4,.,.i ,\i 4 “ ,.,17.-,-..--4.a-.'1%4'...-.,'-.°__I1-'..44• .- -.-- ,. :.,- -14.eicop•,,,+,4.0.H... -, • - ir - - \ .: - . Ve' 7:, ...„,„s,... ,I, '-e-7 ,- • ,-.,-4.,,,,.-.-4-., '„,t`•• „„,,,„ ,, ,,,.,.„: ,,,, ,,„ ,-,..q. ...z, ,z.37, .4....t..„, - • -,...los."-'-•-- '....*. , - ' - -0-'-' '''' --%T....*-,::::,--‘,,,,,.--.• "r`4•.--,•• •''''', .4 -..„-''''' • ...?....; lo --- .*_1 -- - losisw...” _ - • ' ',..'..,,v•- ' . '' ''•...,;1',. • '', - •..--,:1"-- '...'"I',r- Centrifugal Shop: Our centrifugal parts feeding specialists will through custom tooling of a feed system to meet your re'cillupirreornyiednetsre. liable automation Vibratory Shop: Skilled craftsmen complete your feed system from start to finish with a combination of state-of-the-art equipment and handcrafted tooling techniques. .... 0l -..... -- . , 9 ..... --.. ...‘, 'IA . „ t, • ' ' . I • .ttp-,7 '' - •.4 ' LA1, 1 11',..,i1A... -,"•14014. -'',D:*.ie.'" ' ..k.....- .0.... --";,..„- .....-Max # '-ur, • - oil .- . ,,,,e..:,,, -045,;-;T.7 --,'•e.'0^4'.1' ' .4,' 1 / ' ''' ' ....In-.47 Ul I Ili I A...... /,... ,,,i_ b :-.:.."191.."t 11,, '1 ...• 9 ' ' •'''''..9.9,.. - - - 1 ,• _ . '9 '''.."-.4 - ...:949999099.- -9-- .• Ipt •,. . - 2 ••••9 i ' - -7' 4 4 .a...:4 , '44.1. ' !-4''..,-- - f g . _ . _ ..%,,,, J . I„,,,,:•,k141 „....,, . „,,,,I ,,. 1 , . - ' 1, ',..tit% ii,;---. •- • 1 p _' • ' , '7,- A r • 3/195 Version 1 , - . ..i ,- TL Feeding Systems, Inc. i i p ill C) •1 C) 0 t'.0 el g 8 ft fi i 1 cij • ....._.. -D.. • • • ,..,... , Il 1 di e III 1110 w ' U ' .,.. ,—,„ ...,:,,,..,..,_,,,,-,-- ,,,,_,,,..a:- aM ti ' . g 1:- '? *-#z,8 1'ci*, Z., "i,,.. 4,.'f, ill A small sample of the sizes and shapes successfully oriented and fed by our feeders. We can provide you with a solution to your automation needs. r L uRn T. { „.4 , , - —23Ib 1 1 / / • .i'': r 1 1 1 t4:1-67140,0/ Milli D., L IL IP ..i.i . -)0 J,, ,,„ , __ 11 , ,I, t "4, , 'lir.--yr V,:: APIrty i U s/ �F 3/1/95 Version 1 TL Feeding Systems, Inc. • Pouches: We have developed a patented technique to handle a wide range of pouch sizes and materials. ` r. -� k F. td.'r'r ' 4i5 i , ' 4 ,,, i 1 . ! ( i I. :, .. .....„, A ,.7 k!".:: '1. ,,,,,i ' :-::-."7. '''' 1. 6._77.`7,,_-.'7.7,:: r *4'( ra-In'. -'1 , ,�,�,. ... ,_, ,:..... Ili Bottles: Bottles can be unscrambled from bulk and discharged upright and single file at speeds up to 600 bottles per minute. a lit At. I ! ! i i I . al° III • - a i , . , _ 3/1/95 Version 1 • TL FeedingInc. Customer List Food General Mills Grist Mills High Technology Kraft 3M Company Pillsbury Alliant Tech Honeywell O.E.M. Forward Technology Remmele Engineering Medical SASIB, Inc (Paxall) Abbott Laboratories Straub Design Eli Lilly & Co. Thiele Engineering Merck & Co. SmithKline Beecham Industrial Sterling/Winthrop 3M Company The Upjohn Company Federal Cartridge Gillette Company G.N.B., Inc. 3/1/95 Version 1