Resolution 03-07 JOBZ Benefits

RESOLUTION NUMBER 03-07

APPROVING A BUSINESS SUBSIDY AGREEMENT BY AND BETWEEN THE CITY OF MOUNTAIN IRON, MINNESOTA, AND MOUNTAIN TIMBER WOOD PRODUCTS, LLC

BE IT RESOLVED by the City Council (the “Council”) of the City of Mountain Iron, Minnesota (the “City”) as follows:

Section 1. Recitals.

1.01 Mountain Timber Wood Products, LLC, a Minnesota limited liability company (the “Company”), has proposed the development of an approximately 25,000 square foot manufacturing facility (the “Project”) on a parcel of land within the City, legally described as on Exhibit A (the “Development Property”). 

1.02 The Development Property is located within a job opportunity building zone pursuant to Minnesota Statutes, Sections 469.310 through 469.320, as amended (the “JOBZ Act”). 

1.03 In order to develop the Project, the Company has requested assistance from the City as found in the JOBZ Act. The assistance constitutes a business subsidy (the “Subsidy”) under Minnesota Statutes, Sections 116J.993 to 116J.995, as amended (the “Business Subsidy Act”). 

1.04 The City has contacted the office of the Commissioner of Employment and Economic Development regarding the compilation and summary report of the Minnesota Department of Employment and Economic Development required by Section 116J.994, subdivision 9 of the Business Subsidy Act and has determined that the Company is eligible to receive the Subsidy.

1.05 The terms and conditions under which the City will provide the Subsidy to the Company are set forth in the Job Opportunity Building Zone Business Subsidy Agreement proposed to be entered into between the City and the Company, the form of which is on file in the office of the City Administrator (the “Business Subsidy Agreement”). The Council has reviewed and considered the factors and information set forth in the Business Subsidy Agreement. 

1.06 A properly noticed public hearing on the consideration of the Subsidy by the Council was held on January 17, 2007.

Section 2. Approval of the Business Subsidy Agreement.

2.01 The form of the Business Subsidy Agreement, as presented to the Council, is approved pursuant to Section 116J.994, Subdivision 3(d) of the Business Subsidy Act. 

2.02 The Subsidy to the Company, in accordance with the Business Subsidy Agreement, is approved. 

DULY ADOPTED BY THE CITY COUNCIL THIS 17TH DAY OF JANUARY, 2007.

EXHIBIT A

Legal Description of Development Property

West ? of the Southwest ? of the Northwest ? of Section 10, Township 58 North, Range 18 West of the Fourth Principal Meridian, City of Mountain Iron, County of St. Louis, State of Minnesota.