Title
Authorizing the City's sponsorship of a Minnesota Investment Fund application by Lightwave Photonics Inc. for a project proposed at 2500 University Avenue West, Suite B9 (District 12, Ward 4).
Body
WHEREAS, Lightwave Photonics, Inc. (“LPI”) is considering expanding its existing facility and operations in its space located at 2500 University Avenue West Suite B9, which is estimated to support the creation of approximately 50 new full-time jobs over the next two years; and
WHEREAS, the Minnesota Investment Fund provides loans to businesses that create or retain high-paying, full-time permanent jobs, and invest in machinery and equipment or real property improvements; and
WHEREAS, LPI desires to apply for financial assistance from the Minnesota Investment Fund; and
WHEREAS, if the Minnesota Investment Fund grant is awarded, the City will be obligated to enter into a grant agreement (“Grant Contract”) which will require the City to indemnify the Minnesota Department of Employment and Economic Development; and
WHEREAS, the City Council of the City of Saint Paul held a duly noticed public hearing on this date to consider the requested business subsidy and heard from all interested parties;
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Saint Paul that the City of Saint Paul (the “City”) may act as the legal sponsor for the project contained in the Minnesota Investment Fund application to be submitted on or about July 12, 2023 and that the Mayor and City Clerk, or their designee, are hereby authorized to apply to the Department of Employment and Economic Development for funding of this project on behalf of the City; and
BE IT FURTHER RESOLVED that the City has the legal authority to apply for financial assistance, and the institutional, managerial, and financial capability to administer the proposed project; and
BE IT FURTHER RESOLVED that the City has not violated any federal, state, or local laws pertaining to fraud, brib...
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