HomeMy WebLinkAboutCity Council Resolution 2018-275
C ITY OF P LYMOUTH
R ESOLUTION N O. 2018-275
R ESOLUTION A PPROVING THE O NE-Y EAR E XTENSION TO J OB AND W AGE G OALS P ROVIDED IN THE
L OAN A GREEMENT B ETWEEN THE C ITY OF P LYMOUTH AND S MITHS M EDICAL ASD, I NC.
WHEREAS, the City of Plymouth (the “Lender”) entered into a Loan Agreement with Smiths
Medical ASD, Inc. (the “Borrower”) dated January 30, 2015 for building remodeling and an equipment
loan for the real property located at 6000 Nathan Lane N, Plymouth MN 55442; and
WHEREAS, Lender applied to the Minnesota Department of Employment and Economic
Development (“State”) for a Minnesota Investment Fund Grant (the “MIF Grant”) and received approval
for the grant to fund the loan provided under the Agreement; and
WHEREAS, the Grant Contract Number CDAP-15-0001-H-FY15 between State and Lender
required that the Borrower comply with the terms of the Grant Contract and that Borrower meet certain
job creation and wage goals by August 31, 2018, which requirements were incorporated in the
Agreement as required under the Business Subsidy Act, Minn. Stat. 116J.993-.995; and
WHEREAS, the Borrower had not met the job goals under the terms of the Agreement within the
time period provided under the Agreement, Borrower has requested a one-year extension from the
Lender and the State; and
WHEREAS, the State has agreed to the extension as provided in the Amendment to the Grant
Contract; and
WHEREAS, the City held a public hearing regarding the one-year extension to the Agreement on
Tuesday, July 24, 2018 in compliance with the Business Subsidy Act, Minn. Stat. 116J.994.
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE CITY COUNCIL OF THE CITY OF PLYMOUTH,
MINNESOTA that a one-year extension to the compliance date identified in the Loan Agreement
between the City of Plymouth and Smiths Medical ASD, Inc. is approved.
BE IT FUTHER RESOLVED that the Mayor and City Manager may execute any and all documents
required by the State to be amended under the terms of the Grant Contract.
APPROVED by the City Council on this 24th day of July, 2018.