HomeMy WebLinkAboutCC Agenda (2) OFFICIAL PROCEEDINGS OF THE ECONOMIC DEVELOPMENT AUTHORITY
REGULAR SESSION SHAKOPEE MINNESOTA October 7,2014
Present: President Matt Lehman;Commissioner Brad Tabke; Commissioner Mike Luce; Commissioner Kathi
Mocol; Commissioner Jay Whiting
Staff City Administrator Mark McNeill;Assistant City Administrator Kris Wilson; Public Works
Present: Director/Engineer Bruce Loney;Finance Director/City Clerk Julie A Linnihan;Economic Development
Coordinator Samantha DiMaggio;City Attorney Jim Thomson
1. Roll Call
2. Approval of the Agenda
Moved by Jay Whiting,seconded by Mike Luce to approve the agenda.
Vote: 5 -0 Carried
3. Consent Business
None
4. General Business
A. Public Hearing on the consideration of Minnesota Investment Fund Application for Datacard
Corporation-Res.No.2014-5
Moved by Jay Whiting, seconded by Mike Luce to open the public hearing.
Vote: 5-0 Carried
Ms.DiMaggio said Minnesota Investment Funds(MIF)are awarded to local units of government
who provide loans to assist expanding businesses.All projects must meet minimum criteria for
private investment,number of jobs created or retained,and wages paid. At least 50 percent of total
project costs must be privately financed through owner equity and other lending sources.
On July 29,2013,Datacard Corporation was awarded an 11 year Tax Abatement in the amount of
$334,869 to assist in the purchase and rehabilitation of a 400,000 sq foot corporate office building in
Shakopee. Due to the size of this expansion and the extensive remodeling of this facility,Datacard
Corporations also requesting$500,000 in assistance from the Minnesota Department of Employment
and Economic Development's Minnesota Investment Fund. The MIF funds will be used to purchase
equipment for the facility. The total costs of the equipment and renovations are approximately
$13,000,000. The remaining$12,500,000 will be financed through owner equity.
Upon completion of this facility,Datacard Corporation will relocated all of its 680 permanent
full-time Minnetonka employees and operations to the newly renovated facility.Additionally,
Datacard will relocate its MultiWeb operations and employees,as well as an external third-party
warehousing operation to the new location. As a result of their expansion,Datacard Corporation also
plan on adding between 100-125 new full time equivalent positions at this facility within the next two
years. Datacard Corporation hopes to move into their new location in early 2015.
Mayor Tabke asked if there was anyone who wanted to speak at the public hearing. No one
responded.
Moved by Jay Whiting,seconded by Kathi Mocol to close the public hearing.
Vote: 5-0 Carried
Moved by Kathi Mocol,seconded by Brad Tabke offered Resolution No.2014-5,A Resolution
Regarding the Authorization and Approval for a Minnesota Investment Fund Application,Grant
Agreement and Forgivable Loan in Connection with Datacard Corporation or its Affiliates.
Vote: 4- 1 Carried
Opposed: Matt Lehman
5. Adjourn toTuesday,October 21,2014 at 7:00 p.m.
Moved by Brad Tabke,seconded by Mike Luce
Vote: 5 -0 Carried
Julie A Linnihan
Finance Director/City Clerk
Kim Weckman
Recording Secretary