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City of Arden Hills City Council Meeting for March 8, 2021 P:\Planning\Planning Cases\22021\21-001 Boston Scientific - SP\Memos Reports Page 2 of 4 To assist with the funding of the proposed addition to Building 14, Boston Scientific is applying to the Minnesota Department of Employment and Economic Development’s Job Creation Fund. The JCF provides financial incentives to new and expanding businesses that meet certain job creation and capital investment targets. Companies deemed eligible to participate may receive up to $1 million for creating or retaining high-paying jobs and for constructing or renovating facilities or making other property improvements. In some cases, companies may receive awards of up to $2 million. Business applicants for the Job Creation Fund must apply through the city. To be eligible for funding, DEED requires applicants obtain a resolution of support approved by the City Council. To apply for the JCF program, Boston Scientific must complete the following steps: 1. Submit the Job Creation Fund Application Form and required supporting documents to DEED. 2. DEED evaluates the application and notifies the city and business of approval or denial. If approved, DEED will formally designate the business as a Job Creation Fund business and determine an award amount. Awards in excess of $500,000 require DEED to hold a public hearing. It is likely this project will require a public hearing. 3. After a public hearing, DEED drafts a business subsidy agreement specifying project goals and duration for the agreement and sends it to the business for signature. The business then returns the agreement to DEED for final signature by the DEED commissioner. 4. Through the duration of the business subsidy agreement, the city will provide assistance to in the form of collecting required reporting information and submitting progress reports, annual reports, requests for payment, and providing updates to the business regarding updates to annually adjusted wages. Adoption of the resolution of support does not obligate the City to approve development plans. It also does not obligate the City to provide any financial incentives now or in the future. This is one step in assisting the applicant with obtaining funding for the project. Findings of Fact DEED requires the City Council make findings in four specific areas as part of the Resolution of support. The Planning Department offers the following findings of fact for consideration: 1. Finding that the project is in the public interest because it will encourage the growth of commerce and industry, prevent the movement of current or future operations to locations outside Minnesota, result in increased employment in Minnesota, and preserve or enhance the state and local tax base a. Boston Scientific currently employees 37,298 permanent, full-time employees company-wide and 10,169 permanent, full-time employees in the state of Minnesota. The proposed project site currently employees 4,608 permanent, full- time employees. b. The proposed addition to Building 14 will create one-hundred and fifty (150) new jobs for the State of Minnesota and the City of Arden Hills.