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m <br />MINNeSOTA <br />STATE OF MINNESOTA <br />GRANT CONTRACT AGREEMENT <br />Minnesota Investment Fund <br />Grant Number: CDAP-25-0007-H-FY26 <br />Grant Amount: $350,000.00 <br />This Grant Contract Agreement is between the State of Minnesota, acting through the Department of <br />Employment and Economic Development ("State") and the City of Ramsey 7550 Sunwood Drive NW, Ramsey, <br />MN 55303 ("Grantee"). <br />Recitals <br />1. Under Minnesota Statutes §§ 116J.993 through 116J.995 which established the guidelines for providing <br />business subsidies, and 116J.8731, which established the Minnesota Investment Fund, the State is <br />empowered to enter into this Grant Contract Agreement. <br />2. The State is in need of local government to administer financial assistance to eligible projects in <br />accordance with Minnesota Statutes § 116J.8731 Minnesota Investment Fund; Minnesota Rules Chapter <br />4300; and policies and procedures developed by the State. <br />3. The work anticipated to be performed for the Borrower's Project is not geographically dependent. It <br />therefore could have been located at any number of locations either within or outside of the State of <br />Minnesota. The subsidy has been provided to enhance the financial attractiveness and financial feasibility <br />of locating or retaining the Borrower's operations in the Jurisdiction, rather than at some other location. <br />4. The Grantee represents that it is duly qualified and agrees to perform all services described in this Grant <br />Contract Agreement to the satisfaction of the State. Pursuant to Minnesota Statutes §16B.98, Subd.1, the <br />Grantee agrees to minimize administrative costs as a condition of this Grant Contract Agreement. <br />5. The Grantee and State are entering into this Grant Contract Agreement for public purposes that include <br />the creation or retention of jobs that pay quality wages, the enhancement of economic growth in the State <br />of Minnesota and the expansion of the tax base of the local community where the business will locate or <br />expand. <br />Defined Terms <br />Defined terms. As used in this Grant Contract Agreement, the following terms shall have the meanings set <br />out respectively after such term (the meanings to be equally applicable to both the singular and plural <br />forms of the terms defined), unless the context specifically indicates otherwise: <br />"Application" means the Grantee's application to the State fora Minnesota Investment Fund award for the <br />purpose of providing a loan to Zero Zone Refrigeration, LLC ("Borrower"). <br />"Benefit Date" means the date equipment financed through a Minnesota Investment Fund loan is fully <br />operational OR the date a building certificate of occupancy is issued for real property financed through a <br />Minnesota Investment Fund loan as defined in Section 1.2 of the Term of Grant Contract Agreement on <br />page two of this Grant Contract Agreement. <br />"Compliance Date" is the date two years from the Benefit Date at which job creation and wage goals by <br />the Borrower must be completed. <br />"Full -Time Equivalent (FTE)" is one or more people working a sum of 2,080 hours in a calendar year. <br />GRANT CONTRACT AGREEMENT TEMPLATE FOR COMPETITIVE GRANTS TO MUNICIPALITIES <br />REV 7.01.2025 1 <br />