HomeMy WebLinkAbout4.F.2. Resolution of support for Minnesota Investment Fund (MIF) Application, Resolution No #7557 Consent Business 4. F. 2.
SHAKo1 EE
TO: Mayor and City Council
FROM: Kris Wilson, Acting City Administrator
DATE: 03/03/2015
SUBJECT: Resolution of Support for Minnesota Investment Fund (MIF)
Application, Resolution #7557 (D)
Action Sought
The Council is asked to offer Resolution #7557, a resolution in support of the
Economic Development Authority's Minnesota Investment Fund Application for
Entrust Datacard, and move its adoption.
Background
On October 7, 2014, the Economic Development Authority held a public hearing
and authorized 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.
A second Resolution, Res. No. 2015-2 was authorized on February 17, 2015 to
comply with DEED's updated template.
DEED is also requiring a resolution of support from the Shakopee City Council to
meet the requirements of MN Statutes 11618731, Subd. 2: ...Eligible applicants
for the state funded portion of the fund also include development authorities as
defined in section 1161552, subdivision 4,provided that the governing body of the
municipality approves, by resolution, the application of the development authority.
Recommendation
Based on the program requirements for additional job creation and investments
being made, staff recommends approval of the attached resolution supporting a
Minnesota Investment Fund Application, Res. No. 7557 (D) in Connection with
Entrust Datacard.
Budget Impact
As the funding is from the State of Minnesota, there is no direct financial impact to
the City as a result of this action.
Relationship to Vision
This supports Goal D: Maintain, improve and create strong partnerships with other
public and private sector entities.
Requested Action
The Council is asked to offer Resolution#7557, a resolution in support of the
Economic Development Authority's Minnesota Investment Fund Application for
Entrust Datacard, and move its adoption.
Attachments: Res. No. 7557
CITY OF SHAKOPEE,MINNESOTA
RESOLUTION NO.7557
A Resolution regarding the support of a Minnesota
Investment Fund Application
WHEREAS,the City of Shakopee,Minnesota(the"City"),desires to assist Entrust Datacard(the
"Business")which is proposing to expand its operations in the City; and
WHEREAS,the City can receive only one Minnesota Investment Fund grant per fiscal year(July
1 —June 30); and
WHEREAS, Development Authorities including a statutory or home rule charter city,county,
housing and redevelopment authority, economic development authority,and a port authority are
eligible applicants;and
WHEREAS,the Business has requested financial assistance through the Minnesota Investment
Fund,and the City has received an award during the current fiscal year;
NOW THEREFORE,BE IT RESOLVED by the City Council of the City of Shakopee hereby
expresses their approval for the submittal of a Minnesota Investment Fund application to the MN
Department of Employment and Economic Development MIF by Board of Commissioners of the
Economic Development Authority for the City of Shakopee for the project proposed by Entrust
Datacard.
Sworn and Executed Under My Hand this 3 Day of March,2015
Passed and adopted this 3 day of March,2015,with the following vote:
Aye ;No ;Absent
Approved and signed this 3 day of March,2015.
Brad Tabke,Mayor
ATTEST:
Lori Hensen,Deputy City Clerk