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Res 2019-26 Support of MN Investment Fund App for CertifiedRESOLUTION NO. 2019 — 26 A RESOLUTION AMENDING RESOLUTION 2019-21 IN SUPPORT OF A MINNESOTA INVESTMENT FUND APPLICATION TO THE MINNESOTA DEPARTMENT OF EMPLOYMENT AND ECONOMIC DEVELOPMENT IN CONNECTION WITH CERTIFIED POWER INCORPORATED WHEREAS, the City of Fridley, Minnesota (the "City"), desires to assist Certified Power Incorporated, a distributor, designer, and assembler of hydraulic, pneumatic and electronic components and controls for both industrial and mobile applications and is a manufacturer of OEM driveshaft and precision power train components, which is proposing to construct a facility in the City; and, WHEREAS, the City of Fridley understands that Certified Power, through and with the support of the City, intends to submit to the Minnesota Department of Employment and Economic Development an application for a Forgivable Loan from the Minnesota Investment Fund Program; and, WHEREAS, the City of Fridley held a city council public hearing on May 13, 2019, to consider this matter. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Fridley, Minnesota, that, after due consideration, the Mayor and City Council of the City of Fridley, Minnesota, hereby adopts the following findings of fact related to the project proposed by Certified Power, Incorporated and its application for a Forgivable Loan administered by the City from the Minnesota Investment Fund Program and express their approval. The City Council hereby finds and adopts the reasons and facts supporting the following findings of fact for the approval of the Minnesota Investment Fund Program application: 1. Finding that the project is in the public interest because it will encourage the growth of commerce and industry, prevent the movement of current or future operations to locations outside Minnesota, result in increased employment in Minnesota, and preserve or enhance the state and local tax base. 2. Finding that the proposed project conforms to the general plan for the development or redevelopment of the City as a whole. 3. Finding that the proposed project will afford maximum opportunity, consistent with the sound needs of the City as a whole, for the redevelopment or development of the project by private enterprise. Resolution No. 2019 — 26 Page 2 4. Finding that the proposed project, in the opinion of the City Council, would not reasonably be expected to occur, solely through private investment, within the reasonably forseeable future. NOW, THEREFORE, BE IT RESOLVED, that the City Council has reviewed the finding of facts and supports the adoption of this resolution supporting the application to assist Certified Power, Incorporated through a Minnesota Investment Fund application to the Minnesota Department of Employment and Economic Development, adopted by the City Council of the City of Fridley. PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF FRIDLEY THIS 10TH DAY OF JUNE, 2019. SCOTT J. LUND — MAYOR ATTEST: DEBRA A. SKOGEN — CITY CLERK