10-10355rCITY OF RICHFIELD
RESOLUTION NO. 10355
RESOLUTION APPROVING MINNESOTA INVESTMENT FUND LOAN
AGREEMENT BETWEEN THE CITY AND COMLUX AMERICA, LLC
WHEREAS, pursuant to a resolution adopted on November 9, 2009, the City
Council (the "City Council") of the City of Richfield (the "City") approved the submission of
an application for a grant from the Minnesota Investment Fund Program administered by
the Minnesota Department of Employment and Economic Development ("DEED") and the
execution of a grant agreement with the DEED; and
WHEREAS, the City executed a Grant Agreement with DEED, dated March 1,
2010 (the "Grant Agreement") to obtain grant funds in the amount of $1,000,000 and loan
such grant funds to the Comlux America, LLC (the "Developer"); and
WHEREAS, the City Council has received and reviewed a Loan Agreement for
Loan of Minnesota Investment Fund Grant (the "Loan Agreement"), between the City and
the Developer, providing for the loan of the grant funds in the amount of $1,000,000 to the
Developer (the "Loan"), which agreement includes a "business subsidy agreement" as
defined in Minnesota Statutes, Section 166J.993 to 116J.995; and
WHEREAS, on the date hereof, the City has conducted a duly noticed public
hearing as required by Minnesota Statutes, Section 116J.994, subd. 5 on the proposed
Loan to be made to the Developer pursuant to the Loan Agreement.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Richfield, that:
The Loan Agreement, and the business subsidy agreement contained
therein, is approved. The Mayor and the City Manager are authorized and
directed to sign the Loan Agreement and any other documents or certificates
necessary to carry out the transactions described in the Grant Agreement
and the Loan Agreement.
2. The Loan Agreement is approved in substantially the form on file in City
Hall, subject to modifications that do not alter the substance of the
transaction and are approved by the Mayor and the City Manager;
provided that execution of the documents will be conclusive evidence of
their approval.
Approved by the City Council of the ~~~,~Id this 13th y of April, 2010.
~~
Debbie Goettel, Mayor
ATTEST:
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Nancy Gib ity Clerk