Title
RESOLUTION AUTHORIZING A DEVELOPMENT AGREEMENT WITH CIRRUS DESIGN CORPORATION RELATED TO THE CIRRUS COMPLETION CENTER EXPANSION.
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CITY PROPOSAL:
WHEREAS, Cirrus Design Corporation ("Cirrus") wishes to expand its manufacturing and assembly capacity at the Duluth International Airport ("Airport") to add manufacturing and painting capacity for its Vision SF50 personal jet and to expand and reconfigure its research and development facilities into its existing building facilities; and
WHEREAS, Cirrus will lease land at the Airport from the Duluth Airport Authority ("DAA") upon which Cirrus has proposed constructing an approximately 68,000 square foot Cirrus Completion Center Expansion Project ("Project") which is expected to be used for painting and finishing operations for Cirrus's airplane product lines, including the new Vision SF50 personal jet; and
WHEREAS, Cirrus has requested financial assistance from the City consisting of a loan in a maximum amount of $8,150,000 which will be funded through the City's issuance of its taxable General Obligation ("GO") backed tax abatement bonds; and
WHEREAS, the City has determined that the interests of the citizens of the City of Duluth and the well-being and quality of life in the City of Duluth would be enhanced by nurturing and encouraging the Project.
NOW, THEREFORE, BE IT RESOLVED, that the proper City officials are hereby authorized to enter in a Development Agreement with Cirrus, substantially in the form of that attached hereto as Exhibit A hereto together with the City's documents attached to the Development Agreement, pursuant to which the City agrees to loan Cirrus a maximum amount of $8,150,000 which will be funded through the City's issuance of GO Tax Abatement Bonds, payable from Fund 412-030-5458 (Cirrus Building Fund, Finance, Payments to Developers).
Statement of Purpose
STATEMENT OF PURPOSE:
The Project involves construction at the Airport of a new building of approx...
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