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

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Councilmember introduced the following resolution and moved its adoption: RESOLUTION #25-241 RESOLUTION APPROVING MINNESOTA INVESTMENT FUND (MIF) GRANT CONTRACT FOR ZERO ZONE REFRIGERATION LLC WHEREAS, Zero Zone Refrigeration, LLC (the "Developer") has requested the City of Ramsey, Minnesota (the "City") to assist with the financing of certain costs to be incurred in connection with the construction of an approximately 55-58,000 square foot manufacturing/office project located in the City (the "Project"); and WHEREAS, the Developer requested $360,000 in Tax Increment Financing in the form of a 6% interest bearing Pay -Go TIF Note and additional financial assistance from the Minnesota Investment Fund (MIF) ($350,000) and Job Creation Fund (JCF)($450,000); and WHEREAS, the City of Ramsey, Minnesota (the "City"), desires to assist Zero Zone Refrigeration, LLC, a limited liability company, which is proposing to construct a facility in the City; and, WHEREAS, that the City of Ramsey acted as the legal sponsor for the project contained in the Minnesota Investment Fund Application submitted on or about August 28, 2025 and that Mayor and City Administrator are hereby authorized to apply to the Department of Employment and Economic Development for funding of this project on behalf of the City of Ramsey and to execute all documents necessary to obtain the MIF And JCF financing; and, WHEREAS, that the City of Ramsey has the legal authority to apply for financial assistance, and the institutional, managerial, and financial capability to administer the proposed project; and, WHEREAS, that the City of Ramsey has not violated any Federal, State, or local laws pertaining to fraud, bribery, kickbacks, collusion, conflict of interest or other unlawful or corrupt practice.; and, WHEREAS, the Developer worked with City Staff to submit both MIF and JCF applications and the Minnesota Department of Employment and Economic Development (DEED) has approved $350,000 in MIF and $450,000 in JCF funding for the Project; and WHEREAS, that upon approval of its application by the State, City of Ramsey may enter into a MIF Grant Contract with the State of Minnesota, in the amount of $350,000 for the approved Project, and that City of Ramsey 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.; and, WHEREAS, that the City of Ramsey and Ehler's has completed financial analysis on the