HomeMy WebLinkAbout7.a. Minnesota Investment Fund (MIF) Program
EXECUTIVE SUMMARY
City Council Regular Meeting Date: August 17, 2021
AGENDA ITEM: Minnesota Investment Fund (MIF) Program AGENDA SECTION:
Public Hearing
PREPARED BY: Eric Van Oss, Economic Development
Coordinator AGENDA NO. 7.a.
ATTACHMENTS: Resolution APPROVED BY: LJM
RECOMMENDED ACTION: Hold a Public Hearing, take public testimony, and close the
public hearing.
Motion to approve the grant contract for the Minnesota Investment Fund Program
application to the Department of Employment and Economic Development.
BACKGROUND
The Minnesota Investment Fund (MIF) Program provides loans to businesses that create or retain high-
paying, full-time permanent jobs, and invest in machinery or real property acquisition or improvements.
The program is available statewide for manufacturing, distribution, warehousing, and other eligible
business activities that would not occur but for the MIF assistance. Applications are accepted on a year-
round basis as funds are available.
To receive funds, a business must work in conjunction with the city or county government (local
government) where the business will be located. In consultation with the Department of Employment and
Economic Development (DEED), the local government will make a preliminary determination about
whether a business meets the minimum program requirements.
DEED evaluated and found the initial inquiry for Project Osprey potentially eligible in the amount of
$400,000. As part of the application process, the City of Rosemount and Project Osprey will work together
to complete the MIF application. If the application is approved, DEED and the City of Rosemount will
enter into a grant contract specifying the details of the award and job creation requirements. After the
grant contract is fully executed, the City of Rosemount will enter into a loan agreement with Project
Osprey. MIF funds will be paid on a reimbursement basis after required documentation verifying
expenditures is submitted and approved.
As part of the application, the City of Rosemount is required to hold a public hearing concerning the
submittal of the MIF application to DEED. Additionally, prior to application submittal, the City of
Rosemount must adopt a resolution to act as he legal sponsor for the project and to enter into a grant
agreement with the State of Minnesota.
RECOMMENDATION
Staff recommends the City Council call the Public Hearing and approve the resolution to execute a grant
contract for the Minnesota Investment Fund Program application to the Department of Employment and
Economic Development.
CITY OF ROSEMOUNT
DAKOTA COUNTY, MINNESOTA
RESOLUTION 2021 – 64
A RESOLUTION TO EXECUTE A GRANT CONTRACT UNDER THE MINNESOTA
INVESTMENT FUND PROGRAM TO THE DEPARTMENT OF EMPLOYMENT AND
ECONOMIC DEVELOPMENT
WHEREAS, that the City of Rosemount act as the legal sponsor for the project contained in the
Minnesota Investment Fund Application to be submitted on or about August 20, and that the Mayor
and City Clerk are hereby authorized to apply to the Department of Employment and Economic
Development for funding of this project on behalf of the City of Rosemount.
WHEREAS, that the City of Rosemount has the legal authority to apply for financial assistance, and
the institutional, managerial, and financial capability to administer the proposed project.
WHEREAS, that the City of Rosemount has not violated any Federal, State, or local laws pertaining to
fraud, bribery, kickbacks, collusion, conflict of interest or other unlawful or corrupt practice.
WHEREAS, that upon approval of its application by the State, the City of Rosemount may enter into a
Grant Contract with the State of Minnesota for the approved project, and that the City of Rosemount
certifies that it will comply with all applicable laws, statutes, regulations and rules as stated in the Grant
Contract and described in the Project Compliance Certification of the Application.
WHEREAS, that the City of Rosemount has obtained credit reports and credit information on Project
Osprey. Upon review by the City of Rosemount and the City Attorney no adverse findings or concerns
regarding, but not limited to, tax liens, judgments, court actions, and filings with state, federal and other
regulatory agencies were identified. Failure to disclose any such adverse information could result in
revocation or other legal action.
NOW THEREFORE BE IT RESOLVED by the City Council of the City of Rosemount, Minnesota
that the Mayor and City Clerk, or their successors in office, are hereby authorized to execute the Grant
Contract and amendments, thereto, as are necessary to implement the project on behalf of the City of
Rosemount.
ADOPTED this 17th day of August, 2021.
William H. Droste, Mayor
ATTEST:
Erin Fasbender, City Clerk