Agenda - Council - 10/14/2025 - Laserfiche WebLink

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6. 3. CC Regular Session Meeting Date: 10/14/2025 Primary Strategic Plan Initiative: Promote economic growth and development. Title: Public Hearing: Adopt Resolution #25-241 Approving Minnesota Investment Fund (MIF) Grant Contract Agreement (Zero Zone Refrigeration, LLC) Purpose/Background: The purpose of this case is to conduct a required Public Hearing relating to the submittal of a MIF Application and Approval of the MIF Grant Contract Agreement for Zero Zone Refrigeration. Resolution #25-241 Approving Minnesota Investment Fund (MIF) Grant Contract Agreement (Zero Zone) is being presented to the City Council for consideration. Staff has been working with Zero Zone Refrigeration and DEED to complete the $350,000 Grant application to assist Zero Zone with its 55-58,000 SF expansion. The MIF Application has been reviewed by DEED and a draft Grant Contract awarding the $350,000 MIF loan is attached to this case for City Council review and approval. $300,000 of the loan is forgivable as long as the 55-58,000 SF building project is completed and 55 full-time jobs paying a wage of at least $21.00/hr are created onsite by January 2, 2029. A separate, $50,000, 5-7 year, 0 percent interest non -forgivable loan from MIF Funds will be executed with Zero Zone Refrigeration, LLC at a later date once the project commences. The payments received from this loan by the City will be added to the City RLF for future use. The EDA has reviewed the MIF Contract and recommends City Council approval. Notification: The Public Hearing has been properly noticed in the Anoka Union Herald on September 26, 2025. A copy of the Public Hearing notice is attached to this case. Time Frame/Observations/Alternatives: This Public Hearing is required to formally approve the MIF Application and Final Grant Contract Agreement. Resolution #25-241, presented for consideration, is similar to Resolution #25-204, but it further identifies the final award amounts approved by the state and acknowledges the Public Hearing to be held on October 14th. Key details and requirements for Zero Zone Refrigeration LLC to be considered in the Public Hearing include: Project - 55-58,000 SF Manufacturing Building Expansion Project Cost - 11M MIF Loan Amount - $350,000 ($300,000 forgivable, $50,000 0% Interest Loan) Job Creation - Full time 55 jobs to be created Minimum Wage Requirement - All 55 FT jobs will have wages of at least $21.00/hour. Security / Loan Agreement to be drafted by DEED Alternatives: 1) Adopt Resolution #25-241 Approving Minnesota Investment Fund (MIF) Grant Contract Agreement (Zero Zone Refrigeration, LLC) (as presented); subject to City Attorney review. 2) Adopt Resolution #25-241 Approving Minnesota Investment Fund (MIF) Grant Contract Agreement (Zero Zone Refrigeration, LLC) (with changes); subject to City Attorney review. 3) Something Else