HomeMy WebLinkAbout4.F.8. Setting a Public Hearing for a Minnesota Investment Fund Loan for Rosemount Inc.-Res. No. 7312 �� Consent Business
4. F. 8.
SI�AT<Ol'LE
TO: Mayor and City Council ,
Mark McNeill,City Administrator
FROM: Samantha DiMaggio,Economic Development Coordinator �
DATE: OS/21/2013
� SUBJECT: Setting a Public Hearing for a Minnesota Investment Fund Loan for Rosemount Inc.-Res.No.7312(D)
(AMENDED 5/21/2013)
Action Sought
To call for a Public Hearing to consider granting the Developer,Rosemount,Inc., a Minnesota Investment Fund
loan in the approximate amount of$�AS;4A8 up to$1,000,000.
Background
The�Minnesota Investment Fund provides financing to help add new workers and retain high-quality jobs on a
statewide basis.The focus is on industrial,manufacturing,and technology-related industries to increase the local
and state tax base and improve economic vitality statewide.Funds are awarded to local units of government who
provide loans to assist expanding businesses. Cities,counties,townships and recognized Indian tribal governments
are eligible for this fund.All projects must meet minimum criteria for private investment,number of jobs created or
retained,and wages paid.There is a maximum o�-588;988$1,000,000 per project.At least 50 percent of total
project costs must be privately financed through owner equity and other lending sources(most applications selected
for funding have at least 70 percent private financing).Terms are for a maximum of 20 years for real estate and a
ma�cimum of 10 years for machinery and equipment.Interest rates are negotiated.
Recommendation �
In order for a Public Hearing to take place,a resolution will need to be approved by the City Council. It's our
recommendation that the resolution be adopted and that a Public Hearing take place on June 18,2013
. t
Sudget Impact
Relationship to Vision
This supports Goal D, "Maintain,improve,or create strong partnerships with other public or private sector entities."
Requested Action
If the Council concurs,it should,by motion,approve the following resolution;
Resolution No. 7312 Calling a Public Hearing on Granting a Business Subsidy in the Form of a Minnesota
Investment Fund Loan to Rosemount Inc.,or any of it's affiliates.
Attachments: Rosemount Inc.
CITY OF SHAKOPEE,A�IINNESOTA
RESOLUTION NO.7312 `
RESOLUTION CALLING A PUSLIC HEARING ON A
GRANTING BUSINESS SUBSIDY IN THE FORM OF A
MINNESOTA 1NVESTMENT FUND LOAN TO ROSEMOUNT
INC.,OR ANY OF ITS AFFILIATES
WI-�REAS, Rosemount Inc.,a Minnesota corporation,or any of its affiliates(the"Developer"),has
� proposed to acquire,construct,and equip improvements(the"Minimum Improvements")to real properly(the
"Properly")located in the City of Shakopee,Minnesota(the"City");and
WI-IEREAS, in order to make the Minimum Improvements financially feasible, it is proposed that
the City provide the Developer with a Minnesota I�ivestinent Fund loan for the Minimum Tmprovements in
the amount of up to$1,000,000(the"MIF Loan");and
WHEREAS,the MIF Loan proposed to be provided to the Developer by the City to help finance the
Minimum Improvements constitutes a business subsidy under Minnesota Statutes, Sections 116J.993 to
116J.995 (the"Business Subsidy Act");and �
WHEREAS, before the City may provide financial assistance that constitutes a business subsidy
under the Business Subsidy Act,the City must conduct a duly noticed public hearing; and
� WI�REAS, the City Council of the City has determined to consider granting flie IVI1F Loan and to
hold a public hearing thereon in accordance with the Business Subsidy Act;and
NOW,THEREFORE,BE IT RESOLVED by the City Council of the City of Shakopee,Minnesota
that:
1. The Finance.Director/City Clerk is authorized and directed to publish a notice for �
publication in the official newspaper of the City setting a public hearing before the City Council on Tuesday,
June 18,2013, at or after 7:00 p.m. at City Hall on the proposed MIF Loan. The notice, attached as
EXHIBIT A, shall be published in the newspaper at least 10 days prior to the public hearing, and shall be in
substantially the form attached hereto. •
2. The Finance Director/City Clerk is authorized and directed to take all other actions
necessary to bring the proposed loan before the City Council at the time of the public hearing.
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Approved by the City Council of the City of Shakopee,Minnesota this 21st day of May,2013. �
Mayor
ATTEST: ,
Finance Director/City Clerk .
424202v1 JAESH155-290 2
NOTICE OF PUBLIC HEARING •
CITY OF SHAKOPEE,NIINNESOTA �
Notice is hereby given that the City Council of the City of Shakopee,Minnesota(the"City")will
, meet at or after 7:00 p.m. on Tuesday,June 18, 2013, at the City Council Chambers of City Hall, located
at 129 South Holmes Street South in the City,to conduct a public hearing regarding granting Rosemount .
Inc., a Minnesota corporation, or any of its affiliates (the "Developer"), a Mimiesota Investment Fund
loan under Minnesota Statutes, Section 116J.8731, for the acquisition, construction, and equipping of
' improvements to real properly located in the City.
At the hearing, the City Council will consider granting the Developer a Minnesota Investment
' Fund loan in the approximate amount of$1,000,000. •
` The proposed loan constiiutes a"business subsidy" under Minnesota Statutes, Sections 116J.993
to 116J.995 (the "Business Subsidy Act"). Information concerning the proposed project, including a
summary of the terms of the business subsidy agreement,will be on file at City Hall on and after the date
of this notice.
Any person with a residerice in the City or who is the owner of taxable property in the City may file
� a written complaint with the City if the City fails to comply with the Business Subsidy Act. No action may
be filed against the City for the failure to comply unless a written complaint is filed. Any person wishing to .
express an opulion on the matters to be considered at the public hearing will be heard orally or in writing.
Dated: ,2013 ,
' BY ORDER OF THE CITY COUNCII. OF
, ` THE CITY OF SHAKOPEE,MINNESOTA
,;
/s/Mark McNeill
� City Administrator
City of Shakopee,Minnesota
� � ,
A-1
424202v1 JAE SH155-290 `