Title
RESOLUTION AUTHORIZING MINNESOTA INVESTMENT FUND SUBGRANT AGREEMENT WITH SOFIDEL AMERICA CORP.
Body
CITY PROPOSAL:
RESOLVED, that the proper city officials are hereby authorized to accept and execute the Minnesota Investment Fund grant agreement with the Minnesota Department of Employment and Economic Development (“DEED”), substantially in the form attached as Exhibit A, and amendments thereto, for the amount not to exceed $3,120,000, to support the expansion by Sofidel America Corp. (“Sofidel”) to the Duluth Paper Mill site, with said funds deposited into Fund 860-860-8640-4220.
FURTHER RESOLVED, that the proper city officials hare hereby authorized to execute a subgrant agreement with Sofidel, substantially in the form attached as Exhibit B.
Statement of Purpose
STATEMENT OF PURPOSE: The purpose of this resolution is to authorize acceptance from Minnesota Department of Employment and Economic Development for a Minnesota Investment Fund grant of $3,120,000 to support the Duluth Paper Mill expansion by Sofidel America Corp.