HomeMy WebLinkAboutEDA Resolution 08-EDA-240EDA RESOLUTION NO. OS-EDA-240
MOUNDS V{EW ECONOMIC DEVELOPMENT AUTHORITY
COUNTY OF RAMSEY
STATE OF MINNESOTA
APPROVING AONE-TIME PAYMENT TO SYSCO FOOD SERVICES OF
MINNESOTA IN THE AMOUNT OF $250,000. PLUS ACCRUED INTEREST PER THE
TAX INCREMENT REVENUE NOTE ISSUED tN APRIL 2007
WHEREAS, in August 8, 2005, the Mounds View Economic Development Authority
("EDA") approved Resolutions 6583 and 05-EDA-207, respectively, approving a
development agreement to provide $250,000 in Tax Increment Financing to SYSCO
Food Services of Minnesota ("SYSCO") for the expansion of SYSCO's parking facilities
and relocation of an existing storm water retention pond located at 2440 County Road J;
and,
WHEREAS, SYSCO completed the expansion of their parking facilities and the
relocation of the existing storm water retention pond in December 2006; and
WHEREAS, the aforementioned development agreement requires SYSCO to
create 40 new full-time jobs at a minimum of $18.00 per hour by December 2008; and,
WHEREAS, SYSCO has created 25 new full-time jobs at and above $18.00 as of
December 31, 2007; and,
WHEREAS, the terms of the $250,000 Tax Increment Revenue Note are bi-annual
payments to SYSCO beginning in August of 2008 for two years at 5% interest; and,
WHEREAS, per the development agreement, interest on the Note began to accrue
on April 1, 2007; and,
WHEREAS cone-time payment of the $250,000 plus accrued interest would save
the EDA approximately $33,000 in interest and would eliminate any and all subsequent
payments to SYSCO; and,
NOW THEREFORE, BE !T RESOLVED, that the Mounds View Economic
Development Authority authorizes a one-time payment of $250,000 plus accrued
interest, which would eliminate any and all subsequent payments, in Tax Increment
Financing Assistance to SYSCO Food Services of Minnesota.
NOW THEREFORE, BE IT FURTHER RESOLVED, that if SYSCO Food Services
of Minnesota does not create a total of 40 full-time jobs at a minimum of $18.00 per
hour by December 2008, SYSCO will repay a portion of the Tax increment based on
jobs created by the same date; and,
Resolution 08-EDA-240
Page 2
NOW THEREFORE, BE IT FINALLY RESOLVED, that the 2008 Budget for Fund 430
(TIF District #3) be amended to accommodate the referenced payment.
Adopted this 14t" day of January, 2008 by the
Mounds View Economic Development
Authority.,;: .~
Rob arty, President
(ATTEST)
James Ericson, Interim Executive Director