Agenda - Council - 08/26/2025 - Laserfiche WebLink

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City considers an Interfund Loan resolution in connection with the TIF District. October 15, 2025 City may issue building permits. Ehlers files the Plans with the MN Department of Revenue, Office of the State Before June 30, 2026 Auditor, and requests certification of the TIF District with the County. Staff will work with Ehlers and TAFT Law to begin work on a TIF Agreement, TIF Plan and Public Notices as required by State Statute if the Council supports the Business Assistance Package. The Action proposed in this case is non -binding but should give the developer confidence to move forward with the project. Resolutions in support of applications to the MIF and JCF report is also required and are attached hereto. Alternatives Include: 1) Adopt Resolution #25-192 Supporting Terms of a TIF Agreement and Business Subsidy and Calling for a Public Hearing for Zero Zone Refrigeration; subject to City Bond Attorney Review (as presented) 2) Adopt Resolution #25-192 Supporting Terms of a TIF Agreement and Business Subsidy and Calling for a Public Hearing for Zero Zone Refrigeration; subject to City Bond Attorney Review (with changes) 3) Something Else And; 1) Adopt Resolution #25-200 Supporting Zero Zone Refrigeration, LLC Applying to the Job Creation Fund Program; subject to City Bond Attorney Review (as presented) 2) Adopt Resolution #25-200 Supporting Zero Zone Refrigeration, LLC Applying to the Job Creation Fund Program; subject to City Bond Attorney Review (with changes) 3) Something Else And; 1) Adopt Resolution #25-204 Approving Submittal of Application to Minnesota Investment Fund; subject to City Bond Attorney and Credit Review (as presented) 2) Adopt Resolution #25-204 Approving Submittal of Application to Minnesota Investment Fund; subject to City Bond Attorney and Credit Review (with changes) 3) Something Else Funding Source: The $5000 Application Fee will be used to pay for a portion of financial analysis and drafting of TIF Documents. The Financial Assistance of $360,000 plus 6% interest will be funded through property taxes paid by Zero Zone that is captured by the newly created TIF District. Recommendation: The EDA met on August 14th and unanimously adopted a motion recommending that the City Council Approve $360,000 (6% Interest) in TIF Pay -Go Assistance and the requirement for the creation of 55 jobs with a minimum wage of $21.00 / hr. for Zero Zone Refrigeration. The EDA was also supportive of submittal of applications to the State JCF and MIF programs. The Draft EDA minutes from the August 14, 2025 EDA meeting regarding the motion are attached to this case. Outcome/Action: