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Page 1 of 1 <br /> <br />DATE: February 29, 2016 <br /> <br />TO: Honorable Mayor and City Councilmembers <br />Sue Iverson, Acting City Administrator <br /> <br />FROM: Jill Hutmacher, Community Development Director <br /> <br />SUBJECT: Resolution 2016-008 Regarding Support of the Job Creation Fund Application in <br />Connection with Land O’Lakes, Inc. <br /> <br /> <br />Requested Action <br />Approve Resolution 2016-008 Regarding Support of the Job Creation Fund Application in <br />Connection with Land O’Lakes, Inc. <br /> <br />Discussion <br />The Job Creation Fund (JCF) through the Minnesota Department of Employment and Economic <br />Development (DEED) provides financial incentives to new and expanding businesses that meet <br />certain job creation and capital investment targets. Companies deemed eligible to participate <br />may receive up to $1 million for creating or retaining high -paying jobs and for constructing or <br />renovating facilities or making other property improvements. In some cases in which companies <br />make at least a $25 million capital investment and create at least 200 jobs, awards of up to $2 <br />million are possible. <br /> <br />DEED requires that the unit of local government where the company is located submit the <br />program application to DEED on behalf of the business, provide a resolution supporting the <br />project, and also assist the business with yearly reports and payment requests. <br /> <br />Land O’Lakes, Inc. is considering a significant expansion of their headquarters facilities in <br />Arden Hills. If adequate public financial assistance is approved, the company intends to <br />consolidate its Twin Cities offices into its Arden Hills headquarters, construct an expansion of up <br />to 145,000 square feet, and create at least 200 new jobs. Total project costs are estimated to be <br />$80 million. The company has requested that the City support the JCF application. DEED <br />intends to post notice and hold the required public hearing in March. <br /> <br />Attachment <br /> Resolution 2016-008 <br />CONSENT ITEM – 6C <br /> <br /> <br />MEMORANDUM <br />