HomeMy WebLinkAbout9.E. Continued Public hearing on Minnesota Investment Fund Loan for Challenge Printing, Inc.
9,E,
CITY OF SHAKOPEE CONSENT
Memorandum
TO: Mayor and City Council
FROM: Paul Snook, Economic Development coordinator~
SUBJECT: Public hearing regarding Minnesota Investment Fund application
and related Business Subsidy Agreement for Challenge Printing,
Inc.
MEETING DATE: November 3, 2004
Introduction & Background
At the August 1 ih meeting, City Council adopted Resolution 6099, authorizing
application to the Minnesota Department of Employment and Economic Development
(DEED) for the Minnesota Investment Fund for Challenge Printing, Inc. In addition,
Council initiated the required public hearing to provide citizen notification and
involvement prior to submitting the application, and continued the hearing to the October
5th meeting, and then to the November 3rd meeting in order to provide time for drafting of
the grant agreement and loan/business subsidy agreement.
MinnesotaDepartment of Employment and Economic Development Commissioner Matt
Kramer has informed the City and Challenge Printing that the MIF loan has been
approved (see attached letter), and that the grant agreement and loan/business subsidy
agreement are being prepared and should be ready soon. City attorney is currently
reviewing the draft loan/subsidy agreement. It is anticipated that it will be ready. for the
November 16 meeting, so City Council is asked to continue the public hearing to the
November 16,2004 meeting.
Action Requested
Continue the public hearing to November 16, 2004.
mif - challenge ph memo 11-03-04.doc
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October 18, 2004
The Honorable John Schmitt
Mayor, City of Shakopee
129 Holmes St. South
Shakopee,MN 55379
Dear Mayor Schmitt:
I am pleased to inform you that the City of Shakopee's amended application for a Minnesota
Investment Fund grant was approved on October 1,2004. As outlined in the approved
application, the City of Shako pee will make a loan of $440;000 to Challenge Printing, Inc.
An amended grant agreement is'being prepared by the Business and Community Development
Division staff. This amended agreement deletes Certainteed Corporation as the borrower of the
MIF loan, and adds Challenge Printing, Inc. as the borrower.
Also, please note that your approved application becomes part of the grant agreement. For
additional information, contact Paul A. Moe, Director of Business Finance, at 651-297-1391.
Finally, let me extend my congratulations to you and your staff for developing a successful
projectapplicationto help address your community and. economic development !leeds.
Sincerely,
Matt Kramer
Commissioner
Department of Employment and Economic Development
500 Metro Square -121 7th Place East - Saint Paul, MN 55101.2146 -USA
651.297-1291 - 800.657.3858 - Fax 651.296.1290 - TTYITDD: 651.282.6142 - 800.366.2906 - www.deed.state.mn.us
...
An equal opportunity employer and service provider.