HomeMy WebLinkAboutItem 07July 29, 2015 Item No.________
RESOLUTION TO SUBMIT SUPPLEMENTAL MINNESOTA INVESTMENT FUND
APPLICATION ON BEHALF OF POST HOLDINGS, INC.
Proposed Action
Staff recommends adoption of the following motion: Move to approve Resolution Authorizing An
Application To The Department Of Employment And Economic Development For Minnesota
Investment Fund On Behalf of Post Holdings Inc.
Passage of this motion will result in the submittal of a Minnesota Investment Fund Application (MIF)
on behalf of Post Holdings, Inc. to the Minnesota Department of Employment and Economic
Development (DEED).
Overview
In discussions with representatives from Post earlier this Spring, regarding locating their new
combined cereal division that will be called Post Consumer Brands, both the City and DEED
proposed job retention incentives.
The Minnesota Investment Fund (MIF) provides financing to help add new workers and retain high-
quality jobs on a statewide basis. Funds are awarded to local units of government who provide
loans to assist expanding businesses. At least 50 percent of total project costs must be privately
financed through owner equity or other lending sources.
DEED has tentatively committed to $3,000 per job up to 250 jobs for a maximum of $750,000. Staff
recommends approval of this Minnesota Investment Fund Application on behalf of Post Holdings,
Inc.
Supporting Information
• Resolution Authorizing Application
• Minnesota Investment Fund Supplemental Application
• April 23rd Joint Letter to Post Holdings
• June 22nd Post Consumer Brands Presentation
David L. Olson, Community & Economic Development Director
Financial Impact: $_750,000_______Budgeted: Y/N __N__ Source: _____DEED ________
Related Documents (CIP, ERP, etc.): _____________________________________________
Envision Lakeville Community Values: ___Diversified Economic Development__________
CITY OF LAKEVILLE
DAKOTA COUNTY, MINNESOTA
RESOLUTION NO. ________
RESOLUTION AUTHORIZING AN APPLICATION TO THE DEPARTMENT OF EMPLOYMENT
AND ECONOMIC DEVELOPMENT FOR MINNESTOA INVESTMENT FUND ON BEHALF OF
POST HOLDINGS INC.
BE IT RESOLVED that the City of Lakeville act as the legal sponsor for project(s) contained in the
Business and Community Development Application to be submitted on August 10, 2015 and that the
Mayor and City Clerk are hereby authorized to apply to the Department of Employment and Economic
Development for funding of this project on behalf of City of Lakeville.
BE IT FURTHER RESOLVED that the City of Lakeville has the legal authority to apply for financial
assistance, and the institutional, managerial, and financial capability to ensure adequate construction,
operation, maintenance and replacement of the proposed project for its design life.
BE IT FURTHER RESOLVED that the City of Lakeville has not incurred any costs and has not entered
into any written agreements to purchase property.
BE IT FURTHER RESOLVED that the City of Lakeville has not violated any Federal, State, or local laws
pertaining to fraud, bribery, kickbacks, collusion, conflict of interest or other unlawful or corrupt practice.
BE IT FURTHER RESOLVED that upon approval of its application by the state, the City of Lakeville
may enter into an agreement with the State of Minnesota for the above-referenced project, and that the
City of Lakeville certifies that it will comply with all applicable laws and regulations as stated in all
contract agreements and described on the Compliance Section (S-7) of the Business and Community
Development Application.
AS APPLICABLE, BE IT FURTHER RESOLVED that the City of Lakeville has obtained credit reports
and credit information from Post Holdings Inc. Upon review by The City of Lakeville and the City’s
financial advisor, no adverse findings or concerns regarding, but not limited to, tax liens, judgments,
court actions, and filings with state, federal and other regulatory agencies were identified. Failure to
disclose any such adverse information could result in revocation or other legal action.
NOW, THEREFORE BE IT RESOLVED that the Mayor and City Clerk, or their successors in office, are
hereby authorized to execute such agreements, and amendments thereto, as are necessary to implement
the project(s) on behalf of the applicant.
Dated this 3rd day of August, 2015.
CITY OF LAKEVILLE
_______________________________
Matt Little, Mayor
ATTEST:
_______________________________
Charlene Friedges, City Clerk