Title
Authorizing a Minnesota Department of Employment and Economic Development application for Minnesota Investment Funds in an amount up to $600,000 on behalf of Kalera, Inc. and authorizing execution of a State Grant Agreement.
Body
WHEREAS, Kalera, Inc. (“Kalera”) is planning an approximately 80,000 square-foot acquisition and rehab of a facility located at 543 James Avenue at an estimated cost of $14 million, which is estimated to support the creation of at least 77 full-time jobs in three years (the “Project”); and
WHEREAS, the Minnesota Investment Fund (MIF) is a Minnesota Department of Employment and Economic Development (DEED) loan program available to businesses engaged in manufacturing, warehousing, distribution, technology-related industries, and other activities, that could be located generally anywhere yet still serve the same market and customers, and
WHEREAS, the MIF program is designed to generate new income or wealth to the State of Minnesota that would not be otherwise generated by local market demand conditions; and
WHEREAS, businesses must work with, and obtain the sponsorship of, the local government where a project is located to apply to DEED for MIF awards; and
WHEREAS, Kalera desires to apply for MIF financial assistance in an amount up to $600,000 from DEED and seeks the City of Saint Paul’s (City) sponsorship of its application and Project; and
WHEREAS, the City, as the local government where the Project is located, has the legal authority to sponsor the Project in a MIF application to DEED; and
WHEREAS, the City has the institutional, managerial, and financial capability to administer the propose Project; and
WHEREAS, the City has not violated any Federal, State, or local laws pertaining to fraud, bribery, kickbacks, collusion, conflict of interest or other unlawful or corrupt practice; and
WHEREAS, to complete the MIF award and Project, the City must enter into a Grant Contract with DEED that contain provision...
Click here for full text