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EDA RESOLUTION NO. OS-EDA-240 <br />MOUNDS V{EW ECONOMIC DEVELOPMENT AUTHORITY <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br />APPROVING AONE-TIME PAYMENT TO SYSCO FOOD SERVICES OF <br />MINNESOTA IN THE AMOUNT OF $250,000. PLUS ACCRUED INTEREST PER THE <br />TAX INCREMENT REVENUE NOTE ISSUED tN APRIL 2007 <br />WHEREAS, in August 8, 2005, the Mounds View Economic Development Authority <br />("EDA") approved Resolutions 6583 and 05-EDA-207, respectively, approving a <br />development agreement to provide $250,000 in Tax Increment Financing to SYSCO <br />Food Services of Minnesota ("SYSCO") for the expansion of SYSCO's parking facilities <br />and relocation of an existing storm water retention pond located at 2440 County Road J; <br />and, <br />WHEREAS, SYSCO completed the expansion of their parking facilities and the <br />relocation of the existing storm water retention pond in December 2006; and <br />WHEREAS, the aforementioned development agreement requires SYSCO to <br />create 40 new full-time jobs at a minimum of $18.00 per hour by December 2008; and, <br />WHEREAS, SYSCO has created 25 new full-time jobs at and above $18.00 as of <br />December 31, 2007; and, <br />WHEREAS, the terms of the $250,000 Tax Increment Revenue Note are bi-annual <br />payments to SYSCO beginning in August of 2008 for two years at 5% interest; and, <br />WHEREAS, per the development agreement, interest on the Note began to accrue <br />on April 1, 2007; and, <br />WHEREAS cone-time payment of the $250,000 plus accrued interest would save <br />the EDA approximately $33,000 in interest and would eliminate any and all subsequent <br />payments to SYSCO; and, <br />NOW THEREFORE, BE !T RESOLVED, that the Mounds View Economic <br />Development Authority authorizes a one-time payment of $250,000 plus accrued <br />interest, which would eliminate any and all subsequent payments, in Tax Increment <br />Financing Assistance to SYSCO Food Services of Minnesota. <br />NOW THEREFORE, BE IT FURTHER RESOLVED, that if SYSCO Food Services <br />of Minnesota does not create a total of 40 full-time jobs at a minimum of $18.00 per <br />hour by December 2008, SYSCO will repay a portion of the Tax increment based on <br />jobs created by the same date; and, <br />