Title
Authorizing an application to the Department of Employment and Economic Development under the Minnesota Investment Fund Program for Gerdau Ameristeel US Inc. to assist in the financing of their expansion at 1678 Red Rock Road.
Body
WHEREAS, the City of Saint Paul has partnered with state and local governmental entities to address the needs of Gerdau Ameristeel US Inc. in their expansion efforts to occur in either Minnesota or elsewhere in North America; and
WHEREAS, the proposed expansion project meets the purpose and criteria of the Minnesota Investment Fund (MIF) Program of the Department of Employment and Economic Development; and
WHEREAS, the Board of Commissioners of the Saint Paul Port Authority will consider providing a tax increment forgivable loan to Gerdau Ameristeel US Inc. at their upcoming May, 2012, meeting; and
WHEREAS, the Board of Commissioners of the Saint Paul Port Authority may further consider establishing a new economic development tax increment district to provide assistance to Gerdau Ameristeel US Inc. at a future meeting, which action will then be heard before the City Council of the City of Saint Paul; and
WHEREAS, the City of Saint Paul finds that the expansion would not occur solely through private investment within the reasonably foreseeable future or would occur in another state without funding from the Minnesota Investment Fund (MIF) Program and the Saint Paul Port Authority; and
WHEREAS, the Gerdau Long Steel plant in Saint Paul is the largest mini-mill steel producer in North America with a current manufacturing capacity of approximately 420,000 tons of finished steel products annually that all comes from recycled scrap metal; and
WHEREAS, due to demand in the automotive sector and rebar demand in other geographic areas, investment in the new castor equipment is critical to keeping the Saint Paul mill competitive not only in the world-wide market place, but relevant in the n...
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