Title
Authorizing the Extension of the Terms of the Minnesota Department of Employment and Economic Development Grant under the Minnesota Investment Fund (MIF) Program for ForwardEdge ASIC LLC.
Body
WHEREAS, on May 3, 2023 pursuant to Resolution RES 23-687, the City of Saint Paul accepted an $800,000 grant award from the Minnesota Department of Employment and Economic Development (DEED) through the Minnesota Investment Fund program; and
WHEREAS, on May 4, 2023, the City of Saint Paul entered into a Minnesota Investment Fund grant contract agreement with DEED to support economic development efforts and assist ForwardEdge ASIC, LLC (ForwardEdge) with a its project at 2344 Energy Park Drive; and
WHEREAS, per the grant agreement, ForwardEdge anticipated creating 113 jobs by December 31, 2026; and
WHEREAS, ForwardEdge has requested an extension of the compliance date identified in Section 1.3 of the May 4, 2023 Minnesota Investment Fund grant agreement from December 31, 2025 to December 31, 2026 to allow them to meet the job creation goals of the grant contract agreement; and
WHEREAS, the city has determined that an extension of the compliance date is necessary to fulfill the job creation goals and remain in good standing with DEED; and
WHEREAS, DEED has indicated that it would approve a one-year extension of the compliance date, upon formal request by the city council and the execution of any required amendment documents; and
WHEREAS, the city council has given due notice of a public hearing and considered the request for an extension in a public hearing.
THEREFORE, BE IT RESOLVED, that the Saint Paul City Council hereby authorizes the proper city officials to request an extension of the compliance deadline in Section 1.3 of the May 4, 2023 Minnesota Investment Fund grant agreement to December 31, 2026 and to execute such agreements as are necessary to implement the extension to the grant contract agreement subject to the forgoing, and with the approva...
Click here for full text