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Mounds View EDA January 14, 2008 <br />Regular Meeting Page 2 <br /> <br /> <br />7. EDA BUSINESS <br /> <br />B. Resolution 08-EDA-240 Approving a One-Time Payment to SYSCO Food <br />Services of Minnesota in the Amount of $250,000 Plus Accrued Interest per the <br />Tax Increment Revenue Note Certified in April 2007. <br /> <br />Economic Development Specialist Steinmetz indicated that Sysco is well underway creating the <br />required jobs ahead of schedule and Staff does not feel meeting the job and wage creation jobs <br />will be an issue for Sysco. As such, Staff is recommending that the EDA consider a one time <br />payment to save the EDA $33,000 in interest. <br /> <br />Commissioner Mueller asked whether Sysco is in agreement with the early payment. <br /> <br />Economic Development Specialist Steinmetz indicated that Staff has been working with Sysco <br />and they have been informed and accept the recommendation. <br /> <br />Commissioner Flaherty asked why Sysco is willing to do this. <br /> <br />Scott Mcguire, CFO and Vice President of SYSCO Minnesota, indicated that he has no problem <br />with the company receiving the money early rather than late. <br /> <br />President Marty thanked Ms. Steinmetz for the Staff report. <br /> <br />Brian Amundsen, 3048 Wooddale Drive, indicated that he heard that the job and wage goals <br />were “expected” to be met. He said that he is wondering why this is being pushed through when <br />the jobs and wage requirements are not yet met. <br /> <br />Economic Development Specialist Steinmetz explained that it is Staff responsibility to find ways <br />to save money. She then said that pursuant to State Statute Sysco is required to create these jobs <br />and, if they do not, they must repay the EDA on a pro rated basis the money that the EDA will be <br />paying out. <br /> <br />Economic Development Specialist Steinmetz explained that Staff is required to report to the <br />State of Minnesota any subsidies of $100,000 so the State is monitoring this as well. <br /> <br />Commissioner Flaherty indicated that he is pleased that there are monitoring requirements for <br />fulfillment of the obligation on jobs and wages. <br /> <br />Commissioner Mueller asked Sysco to provide information on job creation for the coming year. <br /> <br />Phil Seipp, President of SYSCO Minnesota, explained that they have picked up new business