CCP 06-24-2014 - Laserfiche WebLink

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June 10, 2014 Devin Sling, Custom Remodelers, introduced himself and his company to the Council. He looked forward to working in the City of New Brighton. 5 Ayes, 0 Nays - Motion Carried Public Hearing 1. Public Hearing regarding an application to the Minnesota Investment Fund for Cardiovascular Systems, Inc. (CSI); and consideration of a Resolution authorizing the execution of application materials for a MIF loan of $750,000 to CSI. Report No. 14 -154. City Manager Lotter reported all closing documents had been completed and would be signed by staff and the Mayor. He noted Community Development Director Fernelius would be presenting this item to Council. Community Development Director Fernelius explained this item is related to the CSI expansion project. As part of the company's planned expansion in NBE, the City and CSI are seeking assistance of $750,000 from the Minnesota Department of Employment and Economic Development (DEED) — Minnesota Investment Fund. This program provides funds to local communities that can be loaned to eligible businesses (like CSI) that want to expand and create jobs. DEED will provide the funds to the City, which will in turn make a loan to CSI. CSI will use the loan proceeds to buy equipment ($500,000) and pay for certain site /geotechnical costs ($250,000). He explained that to qualify for MIF, CSI must plan to create a certain number of jobs that would be paid a minimum of $13 per hour and must commit at least 50% private financing for the project. It was noted the City and CSI has already submitted an initial application for the MIF loan and DEED has provided an initial commitment letter. Staff recommended the Council conduct a public hearing to consider an application by the City on behalf of CSI to the Minnesota DEED — Minnesota Investment Fund and adopt a Resolution authorizing the execution of MIF loan application materials in conjunction with a loan of $750,000 to CSI. Councilmember Burg was pleased that CSI would be staying in the City of New Brighton and indicated the average salary of their employees was $75,000. Motion by Councilmember Burg, seconded by Councilmember Jacobsen to open the Public Hearing. 5 Ayes, 0 Nays - Motion Carried The Public Hearing was opened at 6:47 p.m. Mayor Jacobsen asked for additional comments, there were none. Motion by Councilmember Bauman, seconded by Councilmember Burg to close the Public Hearing. 5 Ayes, 0 Nays - Motion Carried The Public Hearing was closed at 6:47 p.m. Motion by Councilmember Jacobsen, seconded by Councilmember Burg to adopt a Resolution authorizing the execution of MIF loan application materials in conjunction with a loan of $750,000 to CSI. Page 3 of 5 City's 2013 TIF Annual Reporting Forms. Report No. 14 -153. Public Hearing 1. Public Hearing regarding an application to the Minnesota Investment Fund for Cardiovascular Systems, Inc. (CSI); and consideration of a Resolution authorizing the execution of application materials for a MIF loan of $750,000 to CSI. Report No. 14 -154.