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ARDEN HILLS CITY COUNCIL—APRIL 11, 2016 3 MOTION: Councilmember Holden moved and Councilmember Holmes seconded a motion to approve the Consent Calendar as amended and to authorize execution of all necessary documents contained therein. The motion carried unanimously (5-0). 6. PULLED CONSENT ITEMS None. 7. PUBLIC HEARINGS A. TCAAP Development Discussion Opportunity for Residents Mayor Grant stated that under the Public Hearing section, citizens have an opportunity to discuss ideas regarding the TCAAP development. Mayor Grant opened the public hearing at 7:12 p.m. With no one coming forward to speak, Mayor Grant closed the public hearing at 7:13 p.m. B. Public Hearing for an Agreement to Abate Property Taxes and to Award a Minnesota Investment Fund Loan to Land O'Lakes, Inc. Mayor Grant opened the public hearing at 7:14 p.m. Community Development Director Hutmacher reported that Land O'Lakes is planning a significant expansion of its headquarter facilities in Arden Hills through which it proposes to increase its headquarters building by at least 145,000 square feet and create an additional 200 jobs with wages of at least $18.00 per hour within two years of the project's completion. The Company estimates that it will spend approximately $80 million for new construction, site costs, renovation of the existing company headquarters, and soft costs in the next three years. Land O'Lakes' expansion plans are contingent on the approval of a package of public financial assistance. If approved, construction is expected to be complete by December 31, 2018. Community Development Director Hutmacher stated that on February 29, 2016, the City Council approved a resolution of support for Land O'Lakes' application to the Minnesota Job Creation Fund. The City has been notified that the Minnesota Department of Employment and Economic Development (DEED) will provide an award of up to $1.9 million consisting of up to $900,000 in a job creation award and $1,000,000 in a capital investment rebate. Community Development Director Hutmacher explained that Land O'Lakes has requested the abatement of the City, County, and Mounds View School District portions of its property taxes, on the value of the new building expansion only, over a period of fifteen years. The maximum City tax abatement is $650,000. The County and School District will consider the abatement request for those jurisdictions at separate meetings on April 12, 2016.