ADMINISTRATION- Erik Thorvig, Economic Development Coordinator
Title
APPROVAL OF MINNESOTA INVESTMENT FUND APPLICATION IN CONNECTION WITH CITY OF BLAINE EDA FOR THE GENERAL PATTERN PROJECT
Background
At the November 1, 2017 EDA meeting, the EDA held a public hearing and adopted a resolution to submit a $450,000 loan application to the Minnesota Department of Employment and Economic Development for a Minnesota Investment Fund dollars on behalf General Pattern Company for an expansion of their business. After submitting the loan application, DEED staff informed the City that an additional resolution needs to be passed by the City Council, authorizing the EDA to submit the application.
Recommendation
Adopt the attached resolution.
Body
WHEREAS, the City of Blaine, Minnesota (the “City”), desires to assist General Pattern Company which is proposing a property purchase and capital expenditures in the City; and
WHEREAS, the City of Blaine understands that General Pattern Company through and with the support of the City of Blaine EDA wishes to apply or has applied to the Minnesota Department of Employment and Economic Development’s Minnesota Investment Fund Program for project financing; and
WHEREAS, the City of Blaine held a City Council meeting on December 7, 2017 to consider this matter; and
NOW, THEREFORE, BE IT RESOLVED, that, after due consideration, the Mayor and City Council of the City of Blaine, Minnesota, hereby express their approval of the Minnesota Investment Fund application from the City of Blaine EDA to assist with this project.
PASSED by the City Council of the City of Blaine this 7th day of December, 2017.