HomeMy WebLinkAboutCity Council Resolution 2024-115
C ITY OF P LYMOUTH
R ESOLUTION N O. 2024-115
R ESOLUTION A PPROVING E NTERING A L OAN A GREEMENT FOR THE M INNESOTA
I NVESTMENT F UND IN C ONNECTION WITH CFMOTO P OWERSPORTS, I NC.
WHEREAS, the City of Plymouth, Minnesota (the “City”), desires to assist CFMOTO Powersports,
Inc., a global powersport manufacturing company, in expanding its new USA Headquarters located in
Plymouth, MN at 5005 Nathan Lane; and
WHEREAS, in support of this endeavor, the City is willing to act as the legal sponsor for the
project; and
WHEREAS, the City held a public hearing on March 30, 2023, to consider this matter and the City
Council approved entering into the Minnesota Investment Fund (MIF) Project and the Grant Agreement;
and
WHEREAS, the City executed the Grant Agreement with the Minnesota Department of
Employment and Economic Development (DEED) on May 26, 2023, in connection with CFMOTO
Powersports, Inc.; and
WHEREAS, the City must enter into a Loan Agreement with CFMOTO Powersports, Inc. finalizing
the agreement between the City of Plymouth and the company, which includes possible forgivable loan
terms.
NOW, THEREFORE BE IT HEREBY RESOLVED that the City approves entering into the Loan
Agreement for the MIF project with CFMOTO Powersports, Inc.
BE IT FURTHER RESOLVED that the City has legal authority to enter the Loan Agreement with
CFMOTO Powersports, Inc., and manage the financial assistance provided from the Minnesota DEED for
the proposed project.
BE IT FURTHER RESOLVED that the City has not violated any Federal, State, or local laws
pertaining to fraud, bribery, kickbacks, collusion, conflict of interest or other unlawful or corrupt
practice.
BE IT FURTHER RESOLVED that the City certifies that it will comply with all applicable laws,
statutes, regulations, and rules as stated in the Loan Agreement and described in the Project
Compliance Certification of the Application.
BE IT FURTHER RESOLVED that the City will obtain all necessary financial information, included
but not limited to credit reports and credit information, on CFMOTO Powersports, Inc. The City will
review and return this resolution to City Council if adverse findings or concerns regarding, but not
limited to, tax liens, judgments, court actions, and filings with state, federal and other regulatory
Resolution 2024-115
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agencies are identified. Failure to disclose any such adverse information could result in revocation or
other legal action.
BE IT FURTHER RESOLVED that the Mayor and City Manager, or their successors in office, are
hereby authorized to execute the Loan Agreement, amendments, and all necessary agreements for the
MIF project, thereto, as are necessary to implement the MIF project on behalf of the City.
APPROVED by the City Council on this 26th day of March 2024.
STATE OF MINNESOTA)
COUNTY OF HENNEPIN) SS.
The undersigned, being the duly qualified and appointed Deputy City Clerk of the City of Plymouth,
Minnesota, certifies that I compared the foregoing resolution adopted at a meeting of the Plymouth City
Council on March 26, 2024 with the original thereof on file in my office, and the same is a correct
transcription thereof.
WITNESS my hand officially as such City Clerk and the Corporate seal of the city this ___________day of
__________________, __________.
____________________________________
Deputy City Clerk