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RESOLUTION APPROVING A DEVELOPMENT AGREEMENT WITH SOFIDEL AMERICA CORP. FOR THE DEVELOPMENT OF THE DULUTH PAPER MILL
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CITY PROPOSAL:
WHEREAS, Sofidel America Corp. ("Developer"), proposes to develop property located at 100 N Central Ave, Duluth, Minnesota to create a new converting facility and automated warehouse (the "Project");
WHEREAS, DEDA has determined that it is reasonable and necessary to provide certain financial assistance to Developer in order to facilitate Developer's plans for the Project and to that end, DEDA and Developer have negotiated a Development Agreement for the Project; and
WHEREAS, DEDA has approved the establishment of Tax Increment Financing District No. 38, an Economic Development District (the "TIF District") pursuant to Minnesota Statutes ??469.174 to 469.1794, as amended; and
WHEREAS, pursuant the terms of the Development Agreement, DEDA proposes to provide certain tax increment financing assistance to Developer consisting of a pay-as-you-go tax increment revenue note (the "TIF Assistance") payable from the TIF District; and
WHEREAS, the TIF Assistance constitutes a business subsidy within the meaning of Resolution 18-0515R of the City of Duluth (the "Business Subsidy Resolution"), and the Development Agreement constitutes a "business subsidy agreement" under the Business Subsidy Resolution; and
WHEREAS, DEDA on this same date held a duly noticed public hearing, at which all interested persons were given the opportunity to be heard, on the granting of a business subsidy to Developer pursuant to the Development Agreement and on setting the wage and job goals in accordance with the Business Subsidy Act; and
NOW, THEREFORE, BE IT RESOLVED:
1. DEDA finds that the Development Agreement is in the best interests of the City and the welfare of its residents, and in accordance with the public purposes and provisions of the applicable State and local laws and requirements under which the development will be undertaken.
2....
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