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Councilmember <br />adoption: <br />introduced the following resolution and moved for its <br />RESOLUTION #20-082 <br />RESOLUTION APPROVING A BUSINESS SUBSIDY AND <br />AUTHORIZING EXECUTION OF A DEVELOPMENT <br />AGREEMENT, RIGHT OF RE-ENTRY AGREEMENT AND <br />APPROVING TERMS OF AN INTERFUND LOAN <br />WHEREAS, Ramsey Hotel Group LLC (the "Developer") has requested the City <br />of Ramsey, Minnesota (the "City") to assist with the financing of certain costs incurred in <br />connection with the construction of an approximately 36,578 square foot 60-unit hotel, <br />restaurant and related facilities to be located in the City (the "Project"); and <br />WHEREAS, the Developer and the City have determined to enter into a <br />Development Agreement providing for the City's assistance for the Project (the <br />"Development Agreement"); and <br />WHEREAS, the sale of certain real property by the City to the Developer at below <br />market value is considered a business subsidy (the "Business Subsidy") pursuant to <br />Minnesota Statutes, Sections 116J.993 to 116J.995 (the "Business Subsides Act"); and <br />WHEREAS, a public hearing, pursuant to the Business Subsidy Act, was held on <br />the date hereof; and <br />WHEREAS, the City heretofore established Tax Increment Financing <br />(Redevelopment) District No. 14 (the "TIF District") and adopted a Tax Increment <br />Financing Plan (the "TIF Plan") therefor; and <br />WHEREAS, the purpose of the Right of Re -Entry Agreement is to protect the City <br />interest in the 1.428 acre parcel in the event that the Developer does not perform according <br />to the terms and conditions therein; and <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of <br />Ramsey, Minnesota, as follows: <br />Business Subsidy : Public Purpose. The City hereby determines that the public <br />purpose of the Business Subsidy is to increase the tax base in the City, help meet market <br />demand for lodging in the City and to help support commerce in the City. In accordance <br />with the provisions of the Business Subsidies Act, the City hereby determines that the <br />creation and retention of jobs is not a goal of the Business Subsidy and consequently hereby <br />sets the wage and job goals at zero. <br />Development Agreement. The City Council hereby approves the Development <br />Agreement in substantially the form submitted, and the Mayor and City Administrator are <br />hereby authorized and directed to execute the Development Agreement on behalf of the <br />City. The approval hereby given to the Development Agreement includes approval of such <br />