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Page 2 of 2 <br /> <br />Amendment Request <br /> <br />As part of the City’s approval of the public financial assistance, Land O’Lakes is required to <br />create a minimum of 200 new jobs with wages of at least $18.00 per hour on the headquarters <br />property within two years of the construction project being completed, but not later than <br />December 31, 2020 (Compliance Date). When the financial assistance package was approved in <br />April 2016, Land O’Lakes had determined the base number of jobs between its Arden Hills and <br />Shoreview locations was 1,738. The company has since determined this number was <br />miscalculated and the actual number of jobs at that time was 1,730, or eight fewer. <br /> <br />Land O’Lakes has requested that the three public financial assistance agreements previously <br />approved by the City be amended to reflect the revised number of base jobs. The company would <br />still be required to create the 200 new jobs specified in the agreements. By the Compliance Date, <br />Land O’Lakes would now need to document a minimum of 1,930 jobs at their headquarters <br />property. <br /> <br /> <br />Recommendation <br /> <br />Staff recommends approval of Resolution No. 2017-007 approving amendments to the MIF <br />Grant Agreement, MIF Loan Agreement, and Abatement Contract for the Land O’Lakes Project. <br /> <br />The City Attorney has reviewed the amended agreements and has no further comments at this <br />time. <br /> <br /> <br />Attachment <br /> <br />A. Resolution No. 2017-007 approving amendments to MIF Grant Agreement, MIF Loan <br />Agreement, and Abatement Contract for Land O’Lakes Project <br />B. First Amendment to Abatement Contract for Private Development By and Among the <br />City of Arden Hills, Ramsey County, and Land O’Lakes Inc. <br />C. First Amendment to Agreement for Loan of Minnesota Investment Fund – Forgivable <br />Loan By and Among the City of Arden Hills and Land O’Lakes Inc. <br />D. First Amendment to Minnesota Investment Fund Grant Agreement