5.3 Resolutions regarding TIF 2-2 and Business Subsidy

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EXTRACT OF MINUTES OF A MEETING OF THE CITY COUNCIL OF THE CITY OF PEQUOT LAKES, MINNESOTA HELD: November 6, 2023 Pursuant to due call and notice thereof, a regular meeting of the City Council of the City of Pequot Lakes, Crow Wing County, Minnesota, was duly held at the City Hall on Monday, the 6th day of November, 2023 at 6:00 o'clock p.m. for the purpose, in part, of conducting a public hearing on providing a business subsidy to Level Contracting LLC., its successors Wor assigns. The following Councilmembers were present: and the following were absent; Councilmember introduced the following resolution and moved its adoption; Resolution No. Resolution Approving Business Subsidy to Level Contracting, LLC, Its Successors &/or Assigns WHEREAS, the City of Pequot Lakes, Minnesota (the "City ") acknowledges the need to provide financial assistance to businesses in the City to further the economic and development objectives of the City; and WHEREAS, the City of Pequot Lakes has held a public hearing as required by Minnesota Statutes 116J.993 through 116J.995 prior to awarding a Business Subsidy in excess of $150,000; and WHEREAS, the City has performed all actions required by law to be performed prior to the awarding of a Business Subsidy, therefore BE IT RESOLVED by the City Council (the "Council ") of the City as follows: 1. The Council hereby approves providing financial assistance to Level Contracting, LLC, its successors Wor assigns, in accordance with the requirements of Minnesota Statutes 116J.993 through 116J.995; and 2. The Council hereby authorizes the Mayor and Administrator to execute the Development Agreement which will govern the assistance being provided to Level Contracting, LLC, its successors Wor assigns, in accordance with the terms agreed upon and as outlined in attached Exhibit A. The motion for the adoption of the foregoing resolution was duly seconded by Councilmember and upon vote being taken thereon, the following voted in favor: and the following voted against the same. Whereupon said resolution was declared duly passed and adopted.