11-30-2022 Council Packet - Laserfiche WebLink

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STAFF REPORT TO: Mayor Keis and Members of the Council FROM: Chris Heineman, City Administrator Corrin Wendell, Community Development Director DATE: November 30, 2022 RE: MN DEED Local Support for Maxwell Labs ACTION REQUESTED Maxwell Labs is applying for assistance from the Minnesota Department of Employment and Economic Development (DEED) for the relocation of the business to 3080 Centerville Road. MN DEED requires local communities hold a Public Hearing to ensure citizen notification and involvement and adoption of Government Resolution of Support prior to submitting the application to DEED. The Council is asked to call for a Public Hearing at the City Council meeting on December 14th. BACKGROUND The Minnesota Investment Fund (MIF) Program provides loans to businesses that create or retain high-paying, full-time permanent jobs, and invest in machinery or real property acquisition or improvements. The program is available statewide for manufacturing, distribution, warehousing, and other eligible business activities that would not occur but for the MIF assistance. Applications are accepted on a year-round basis as funds are available. To receive funds, a business must work in conjunction with the city or county government (Local Government) where the business will be located. In consultation with the Department of Employment and Economic Development (DEED), the Local Government will make a preliminary determination about whether a business meets the minimum program requirements. The City was contacted by representatives from the Department of Employment & Economic Development (DEED), Maxwell Labs, and their real estate broker. Maxwell Labs is a computer technology company currently located in St. Louis Park, MN and they would like to relocate to the City of Little Canada. This project would not only bring existing employees to Little Canada, but add several additional employees with the proposed expansion of their business. Maxwell Labs has developed a new technology that uses thermal paste on computer equipment to form a seal between components that assists cooling significantly above market alternatives. Products will be used in worldwide production of computer components, cell phone components; exterior paints, roofing, and various markets where reducing energy use or costs of cooling infrastructure is beneficial. The thermal cooling industry is a 24-billion-dollar market. Industry standard compounds have very limited cooling properties, and most manufacturers have not updated compounds used over the past 15-20 years to address one of the main industry problems to keep computer components cool enough to operate at full potential.