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Page 1 of 3 CONSENT ITEM – 2B MEMORANDUM DATE: December 20, 2021 TO: Honorable Mayor and City Councilmembers Dave Perrault, City Administrator FROM: Jessica Jagoe, City Planner SUBJECT: Applicant: Project 1492 Property Location: 1275 Red Fox Road Request: Approval of the Job Creation Fund Resolution Budgeted Amount: Actual Amount: Funding Source: N/A N/A N/A Council Should Consider Motions to approve, table, or deny the following: • Resolution 2021-078, a Resolution Regarding the Support of a Job Creation Fund Application in connection with Project 1492, based on the findings of fact and submitted Job Creation Fund application. All items need a simple majority for action unless otherwise noted. Background/Discussion Project 1492 proposes to purchase the property at 1275 Red Fox Road as a new business to the State of Minnesota for expansion of their Research and Development Company in the City of Arden Hills. The purpose of the facility will be used for the manufacturing of medical devices. Project 1492 has indicated the building will require a major interior renovation, including creating all new cleanroom manufacturing spaces, research and development labs and office space. Project 1492 is currently expecting approximately 9,000 – 11,000 square feet of clean room space, with room for further expansion. Approximately 40,000 square feet of the building would be renovated immediately upon acquisition which is estimated to be between $5M and $7M. The proposed business has 41 employees and is expected to generate 40 new jobs over the next three years. To assist with the funding of the business expansion to the State of Minnesota, Project 1492 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. The program is available statewide for manufacturing,