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June 10,2014 <br />Devin Sling, Custom Rernodelers, intooduced himseHand his company to the Council. He looked forward to <br />working inthe City ofNewBrighton. <br />5 Ayes,0 Nays - Motion Carried <br />Public Hearine <br />1. Public Hearing regarding an application to the Miruresota Investment Fund for <br />Cardiovascular Systems, Inc. (CSI); and consideration of a Resolution authorizing <br />the execution of application materials for a MIF loan of $750,000 to CSI. Report <br />No. 14-154. <br />City Manager Lotter reported all closing documents had been completed and would be signed <br />by staff and the Mayor. He noted Community Development Director Fernelius would be <br />presenting this item to Council. <br />Community Development Director Fernelius explained this item is related to the CSI <br />expansion project. As part of the company's planned expansion in NBE, the City and CSI are <br />seeking assistance of $750,000 from the Minnesota Department of Employment and Economic <br />Development (DEED) - Minnesota Investment Fund. This program provides funds to local <br />communities that can be loaned to eligible businesses (like CSI) that want to expand and create <br />jobs. DEED will provide the funds to the City, which will in turn make a loan to CSI. CSI <br />will use the loan proceeds to buy equipment ($500,000) and pay for certain siteigeotechnical <br />costs ($250,000). He explained that to qualify for MIF, CSI must plan to create a certain <br />number ofjobs that would be paid a minimum of $13 per hour and must commit at least 50% <br />private financing for the project. It was noted the City and CSI has already submitted an initial <br />application for the MIF loan and DEED has provided an initial commitment letter. Staff <br />recommended the Council conduct a public hearing to consider an application by the City on <br />behalf of CSI to the Minnesota DEED - Minnesota Investment Fund and adopt a Resolution <br />authorizing the execution of MIF loan application materials in conjunction with a loan of <br />$750,000 to CSI. <br />Councilmember Burg was pleased that CSI would be staying in the City of New Brighton and <br />indicated the average salary of their employees was $75,000. <br />Motion by Councilmember Burg, seconded by Councilmember Jacobsen to open the <br />Public Hearing. <br />5 Ayes,0 Nays - Motion Carried <br />The Public Hearing was opened at 6:47 p.m. <br />Mayor Jacobsen asked for additional comments, there were none. <br />Motion by Councilmember Bauman, seconded by Councilmember Burg to close the <br />Public Hearing. <br />5 Ayes,0 Nays - Motion Carded <br />The Public Hearing was closed at 6:47 p.m. <br />Motion by Councilmember Jacobsen, seconded by Councilmember Burg to adopt a Resolution <br />authorizing the execution of MIF loan application materials in conjunction with a loan of $750'ffi0 to <br />CSL <br />Page 3 of 5 <br />City's2013 TtrAnnual <br />ReportingForms. Rçon <br />No. 14-153. <br />Public Hearins <br />l. Public Hearing <br />regarding an <br />application to the <br />Minnesota Investment <br />Fund for <br />Cardiovascular <br />Systems, Inc. (CS!; <br />and consideration ofa <br />Resolution authorizing <br />the execution of <br />application materials <br />for a MIF loan of <br />$750,000 to CSI. <br />Report No. 14-154.