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HomeMy WebLinkAbout3. Setting of Public Hearing Date for Emerson Development Agreement 1 3. SHAKOPEE TO: Economic Development Authority FROM: Mark McNeill, City Administrator DATE: 03/05/2013 SUBJECT: Setting of Public Hearing Date for Emerson Development Agreement Action Sought The EDA should call for a Public Hearing to consider the Development Agreement for Emerson Process Management. Background Emerson Process Management (Rosemount, Inc.) is the company with which the City, Scott County, State of Minnesota, and ISD 191 have been working for several months to occupy the former ADC 2 site. This will bring 500 well - paying jobs to the region. The City Council has approved tax abatement as an economic development incentive package for Emerson, which was contingent upon the execution of a Development Agreement with Emerson. The Agreement is still in the process of being negotiated. Once it is finalized, it will need to be adopted, following a Public Hearing. This action sets a Public Hearing for the regular Council meeting of March 19th. Recommendation I recommend setting March 19th at 7 PM as the Public Hearing to consider the Development Agreement for Emerson. This will be a joint Public Hearing with the City Council. Budget Impact Setting the Public Hearing does not impact the City budget. Requested Action If the EDA concurs, it should, by motion, direct that the attached notice be published to call for a Public Hearing at 7 PM on March 19, 2013 to consider a contract for private development and the business subsidy agreement contained therein, with Rosemount, Inc., a Minnesota Corporation. Attachments: Emerson PH Notice CITY OF SHAKOPEE, MINNESOTA ECONOMIC DEVELOPMENT AUTHORITY FOR THE CITY OF SHAKOPEE, MINNESOTA NOTICE OF PUBLIC HEARING Notice is hereby given that a joint meeting of the City Council of the City of Shakopee, Minnesota (the "City ") and the Board of Commissioners of the Economic Development Authority for the City of Shakopee, Minnesota (the "Authority ") will be held at or after 7:00 p.m. on Tuesday, March 19, 2013, at the City Council Chambers of City Hall, located at 129 South Holmes Street South in the City, to conduct a public hearing on a contract for private development proposed to be entered into between the City, the Authority, Scott County, Minnesota (the "County "), Independent School District No. 191 (Burnsville — Eagan— Savage) (the "School District "), and Rosemount Inc., a Minnesota corporation, or any of its affiliates (the "Developer "), which contains a business subsidy agreement pursuant to Minnesota Statutes, Sections 116J.993 to 116J.995 (the "Business Subsidy Act "). Following the public hearing, the City Council and the Board of Commissioners will consider approving the contract for private development and the business subsidy agreement contained therein. The business subsidy consists of (i) the City's grant of a tax abatement to the Developer in the amount of $590,496, (ii) the City's grant of other fmancial assistance related to the development proposed by the Developer in the amount of $456,275, and (iii) a forgivable loan in the amount of $350,000 provided by the Authority to the Developer. A summary of the terms of the proposed business subsidy is available for inspection at City Hall during regular business hours. Any person with a residence 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 opinion on the matters to be considered at the public hearing will be heard orally or in writing. Dated: March 7, 2013 BY ORDER OF THE ECONOMIC DEVELOPMENT AUTHORITY OF THE CITY OF SHAKOPEE, MINNESOTA /s/ Mark McNeill Executive Director, EDA City of Shakopee, Minnesota 419321v1 JAE SH155 -290