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CITY OF ELK RIVER, MINNESOTA <br />RESOLUTION NO. <<INSERT>> <br /> <br />RESOLUTION REGARDING THE SUPPORT OF A JOB CREATION FUND APPLICATION IN <br />CONNECTION WITH SPORTECH, LLC. <br /> <br />WHEREAS, the City of Elk River, Minnesota (the “City”), desires to assist Sportech, LLC., a limited liability <br />company, which is proposing to construct a facility in the City; and, <br /> <br />WHEREAS, the City of Elk River understands that Sportech, LLC, through and with the support of the <br />City, intends to submit to the Minnesota Department of Employment and Economic Development an <br />application for an award and/or rebate from the Job Creation Fund Program; and, <br /> <br />WHEREAS, the City of Elk River held a city council meeting on <<date>>, to consider this matter. <br /> <br />NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELK RIVER, <br />Minnesota, that, after due consideration, the Mayor and Administrator of the City of Elk River, Minnesota, <br />hereby adopts the following findings of fact related to the project proposed by Sportech, LLC. and its <br />application for an award and/or rebate from the Job Creation Fund Program and express their approval. <br /> <br />The City Council hereby finds and adopts the reasons and facts supporting the following findings of fact <br />for the approval of the Job Creation Fund Program application: <br /> <br />1. Finding that the project is in the public interest because it will encourage the growth of commerce and <br />industry, prevent the movement of current or future operations to locations outside Minnesota, result in <br />increased employment in Minnesota, and preserve or enhance the state and local tax base <br /> <br />The project will result in an increase in local tax base, provide a direct increase in good paying local jobs, <br />as well as an increase in indirect and induced jobs in the local economy. The project will result in the <br />retention of Sportech’s existing operations within the city, as well as encourage future growth within the <br />City and State, as opposed to the relocation of operations to one of several out-of-state locations. <br /> <br />2. Finding that the proposed project, in the opinion of the City Council, would not reasonably be expected <br />to occur solely through private investment within the reasonably foreseeable future. <br /> <br />Sportech, LLC. is a wholly owned subsidiary of Monomoy Capital Partners, a national private equity firm <br />with manufacturing assets across the country. The company has multiple options to relocate this asset, <br />and/or expand at any number of its nationwide facilities and/or adjacent locations. It has been indicated <br />that local and state participation is vital to the project occurring at this location in the reasonably <br />foreseeable future. <br /> <br />3. Finding that the proposed project conforms to the general plan for the development or redevelopment <br />of the City as a whole. <br /> <br />The project fits within the city’s adopted Comprehensive Land-Use Plan and is permitted in the proposed <br />location through conditional use permit. <br /> <br />4. Finding that the proposed project will afford maximum opportunity, consistent with the sound needs of <br />the City as a whole, for the redevelopment or development of the project by private enterprise.