HomeMy WebLinkAbout2018 06-25 EDAP.
S
EDA MEETING
City of Brooklyn Center
June 25, 2018 AGENDA
1.Call to Order
—The EDA requests that attendees turn off cell phones and pagers during the meeting. A
copy of the full City Council packet, including EDA (Economic Development Authority),
is available to the public. The packet ring binder is located at the podium.
2.Roll Call
3.Approval of Agenda and Consent Agenda
—The following items are considered to be routine by the Economic Development
Authority (EDA) and will be enacted by one motion. There will be no separate
discussion of these items unless a Commissioner so requests, in which event the item will
be removed from the consent agenda and considered at the end of Commission
Consideration Items.
a. Approval of Minutes
1. May 29, 2018 - Regular Session
4.Commission Consideration Items
Public Hearing
a. Resolution Authorizing the Submission of a Minnesota Investment Fund
Application on behalf of Get Bizzy, Inc.
5. Adjournment
EPA Agenda Item No. 3a
MINUTES OF THE PROCEEDINGS OF THE
ECONOMIC DEVELOPMENT AUTHORITY
OF THE CITY OF BROOKLYN CENTER
IN THE COUNTY OF HENNEPIN AND THE
STATE OF MINNESOTA
REGULAR SESSION
MAY 29, 2018
CITY HALL - COUNCIL CHAMBERS
1.CALL TO ORDER
The Brooklyn Center Economic Development Authority (EDA) met in Regular Session called to
order by President Tim Willson at 8:03 p.m.
2.ROLL CALL
President Tim Willson and Commissioners Marquita Butler, April Graves, Kris Lawrence-
Anderson, and Dan Ryan were present. Also present were Executive Director Curt Boganey,
Deputy Executive Director Reggie Edwards, Community Development Director Meg Beekman,
Planner and Zoning Administrator Ginny McIntosh, City Attorney Troy Gilchrist, and Michaela
Kujawa-Daniels, TimeSaver Off Site Secretarial, Inc.
3. APPROVAL OF AGENDA AND CONSENT AGENDA
Commissioner Butler moved and Commissioner Lawrence-Anderson seconded to approve the
Agenda and Consent Agenda, and the following item was approved:
3a.APPROVAL OF MINUTES
1. May 14, 2018— Regular Session
3b.RESOLUTION NO. 2018-06 TO APPROVE A SHORT-TERM LEASE
AGREEMENT BETWEEN THE ECONOMIC DEVELOPMENT
AUTHORITY AND LUTHER AUTO DEALERSHIP
4. COMMISSION CONSIDERATION ITEMS
- None.
5. ADJOURNMENT
Commissioner Lawrence-Anderson moved and Commissioner Butler seconded adjournment of
the Economic Development Authority meeting at 8:04 p.m.
Motion passed unanimously.
05/29/18 -1- DRAFT
EDA Agenda Item No. 3b
EPA ITEM MEMORANDUM
DATE: June 25, 2018
TO: Curt Boganey, City Manager
THROUGH: Meg Beekman, Community I
Dr. Reginald Edwards
Deputy City Manager
and Acting City Manager
FROM: Brett Angel!, Business and Workforce Development Specialist
SUBJECT: Resolution Authorizing the Submission of a Minnesota Investment Fund
Application on behalf of Get Bizzy, Inc.
Recommendation:
It is recommended that the Economic Development Authority of Brooklyn Center, Minnesota hold
a public hearing and consider the resolution authorizing the submission of a Minnesota Investment
Fund (MIF) application on behalf of Get Bizzy, Inc.
Background:
Get Bizzy, Inc. (i.e. Bizzy Coffee) is a fast-growing organic cold brew coffee concentrate
manufacturer which plans to move from its current location in Northeast Minneapolis and into
Brooklyn Center. Bizzy Coffee is seeking to apply for a Minnesota Investment Fund (MIF) loan
to help with the financing and purchasing of new equipment. The total MIF loan amount requested
is $273,375, which is approximately 45% of the total project costs. The remainder of the project
costs will be covered by Bizzy Coffee's current cash resources as well as outside capital from
investors.
The Minnesota Invest Fund is a program offered by the Minnesota Department of Employment
and Economic Development (DEED), which provides loans to businesses that create or retain
high-paying, full-time, permanent jobs, and invest in machinery or real property acquisition or
improvements. The programs is available statewide for manufacturing, distribution, warehousing,
and other eligible business activities. In order for a business to receive funds from this program,
the business must work in conjunction with the local government where the business will be
located. The program requires the local government must be the applicant on the application.
While the funds are provided by DEED, the City administers the funds and the repayment. As an
added benefit to the City, the EDA would be able to retain up to 40% of the amount repaid to be
used to fund future economic development activities.
Bizzy Coffee was created in 2015 by Andrew Healy and Alex French, who currently own a
majority share of the company (57% combined). The company currently sells 2 ounce or 32 ounce
bottles in three different flavors (black, vanilla, and caramel), bag-in-box coffee, and dry coffee
both online and in-stores. Currently, the product is sold in approximately 1,000 stores in all 50
states. The company currently employs five full-time employees (FTE) and six part-time
employees (PTE).
The MIF loan application requires the company to list the number of new FTE jobs which will be
created by the project and list the average annual wage for those positions. Get Bizzy, Inc. listed
Our Jiion: 1Ve envision Brooklyn Center as a thriving, diverse community with a full range of housing, business, cultural and
recreational offerings. Jr is a safe and inclusive place that people of all ages love to call home, and visitors enjoy due to its
convenient location and commitment to a healthy environment
I M I 34 IhY I MA (I) 1II I1PJ'A1
a total of 23 new FTE positions will be created within a 2-year timeframe. The positions will range
from $15 per hour to $24.04 per hour, with an average of $19.30 per hour for all the positions.
The positions will include: Operators, Shift Leads, Quality Control, Sales, Human Resources, and
Accounting. The company will provide the necessary training for many of the positions. The
company plans to add a total of 58 new jobs over the period of 4 years. The company has agreed
to work with the City to hire as many local residents as possible. They also expressed interest in
participating in the City's BrookLynk intern program in the future.
The application process also includes a business credit check and financial analysis. These reports
were reviewed by GreaterMSP and City staff. Upon review, the company is in good standing and
there were no areas of concern that arose.
A public hearing is required prior to a motion on the resolution. Notice of the public hearing was
published in the June 12, 2018 Sun Post. Upon completion of the public hearing and approval of
the attached resolution, the application will be submitted to the Minnesota Department of
Employment and Economic Development for review and judgement. City staff will submit the
minutes for this meeting, as required by the application, once they are approved.
Budget Issues:
There are no budget issues to consider.
Strategic Priorities:
. Resident Economic Stability
Attachments:
. Resolution
. Minnesota Investment Fund Application (draft)
Our r'ision: I'Ve envision Brooklyn center as a thriving, diverse community with afull range of housing, business, cultural and
recreational offerings. It is a safe and inclusive place that people of all ages love to call home, and visitors enjoy due to its
convenient location and commitment to a healthy environment
Commissioner introduced the following resolution and moved its
adoption:
EDA RESOLUTION NO. 2018-
RESOLUTION REGARDING THE APPROVAL AND SUBMISSION OF A
MINNESOTA INVESTMENT FUND APPLICATION IN CONNECTION WITH
THE CITY OF BROOKLYN CENTER AND THE ECONOMIC DEVELOPMENT
AUTHORITY OF BROOKLYN CENTER FOR THE PROJECT ENTITLED GET
BIZZY, INC.
WHEREAS, the City of Brooklyn Center, Minnesota desires to assist the business
Get Bizzy, Inc., which is proposing to relocate to the City of Brooklyn Center and acquire additional
equipment and employees within the City; and
WHEREAS, the City of Brooklyn Center understands that Get Bizzy, Inc., through
and with the support of the Economic Development Authority of Brooklyn Center, wishes to apply
or has applied to the Minnesota Department of Employment and Economic Developments'
Minnesota Invest Fund Program for project financing; and
WHEREAS, the City of Brooklyn Center held a City Council meeting on June 25,
2018 to consider this matter and the City Council voted to authorize the Economic Development
Authority to submit the application, execute any agreements, and administer the loan; and
WHEREAS, the Economic Development Authority of Brooklyn Center held a public
hearing regarding this matter at the June 25, 2018 meeting; and
WHEREAS, the City of Brooklyn Center has identified Resident Economic Stability
as a strategic priority, which includes growing opportunities for Brooklyn Center residents to have
access to high quality, livable wage jobs; and
WHERES, the City is committed to working with Get Bizzy, Inc. to help connect
them with workers in the community, and expect, as part of the Economic Development Authority's
application to the Minnesota Department of Employment and Economic Development on their
behalf, that Get Bizzy, Inc. will strive to hire residents of Brooklyn Center whenever feasible.
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners
("Board") of the Economic Development Authority of Brooklyn Center, Minnesota hereby express
their approval of the Minnesota Investment Fund application submission on behalf of Get Bizzy,
Inc., and authorizes the Economic Development Authority Secretary to submit the application,
execute any agreements and to administer the loan.
June 25, 2018
Date President
EDA RESOLUTION NO. 2018-
ATTEST:
City Clerk
The motion for the adoption of the foregoing resolution was duly seconded by member
and upon vote being taken thereon, the following voted in favor thereof:
and the following voted against the same:
whereupon said resolution was declared duly passed and adopted.
rnI EMPLOYMENT AND
ECONOMIC DEVELOPMENT
Minnesota Investment Fund (MIF)
Program Application
State Funds
APPLICATION PROCEDURES
The Minnesota Investment Fund (MIF) Program provides loans to businesses that create or retain high-paying, full-time
permanent jobs, and invest in machinery or real property acquisition or improvements. The program is available
statewide for manufacturing, distribution, warehousing, and other eligible business activities. Applications are accepted
on a year-round basis as funds are available.
To receive funds, a business must work in conjunction with the local or county government where the business will be
located. A MIF application must be completed and submitted to the Department of Employment and Economic
Development (DEED). Step-by-step instructions are listed below and applications may be submitted by mail or email to
the Loan Officer for the appropriate region of the state.
Please consult with your DEED loan officer before completing this application.
COMPLETING THE APPLICATION
In consultation with DEED, the local government will make a preliminary determination about whether a business meets
the minimum program requirements. Use the MIF Eligibility Checklist on the program website for guidance. If a
business is potentially eligible, the following steps are completed:
1.The business provides the information to the local government needed to complete the MIF Application. The
local government must submit the completed application to DEED. Please utilize application checklist to ensure
application is completed correctly.
2.DEED evaluates the application and notifies the local government and business of approval or denial. If
approved, DEED will determine a maximum funding amount and job creation requirements.
3.Jobs created and/or capital investment expenditures maybe counted only after the business is formally notified
by DEED that an award has been made.
4.DEED will draft a Contract specifying the details of the award and job creation requirements. The local
government and the DEED commissioner sign the Contract.
S. After the Contract is fully executed, the local government will enter into a Loan Agreement with the business.
MIF funds will be paid on a reimbursement basis after required documentation verifying expenditures is
submitted.
The local government will submit required annual progress reports, payment request documentation, and other
information requested by DEED.
03/20/2017
PART C -Citizen Participation
1.A public hearing is required to provide citizen notification and involvement prior to submitting the application.
Submit a copy of the public hearing minutes, a copy of the public notice and affidavit of publication, and the
Local Government Resolution.
2.Samples of the public hearing notice and the Local Government Resolution are attached as Exhibits A & B.
PART D - Business Credit Check
1.The following information searches on the business and owners holding 10 percent or more of the business must
be acquired and reviewed prior to passing the Local Government Resolution: Google news, Secretary of State
Good Standing, property tax status, lien/judgment, criminal record, pending lawsuit, credit status, bankruptcy.
Provide a short narrative describing the steps completed for due diligence.
2.Please attach a bank reference letter from the business' primary financial institution.
3. Attach a narrative describing the local governments' ability to manage the grant, revolving loan fund, state and
local compliance requirements, and the implementation of the project.
PART E - Other Assistance
List and provide amount of other public financial assistance and location in which the business has received within the
last five years or expects to receive related to this expansion from state or local governments, such as tax credits, loans,
grants, tax increment financing, and tax abatements:
Subsidy Grantor Subsidy
Amount
Date
Subsidy
Received/Will
be Received
Type of Subsidy Location where Subsidy
Received/Used
Example: City $100,000 01/01/2014 Loan Saint Cloud, MN
None.
1 -4-
PART F - Financial Analysis
1.The local government must conduct a financial underwriting analysis of project/business financials for the
proposed project.
2.What were the findings of your financial analysis?
See attached
3. Please attach a copy of the lead lender's credit presentation with this application.
03/20/2017 3
Conflict of Interest Disclosure Form
This form gives grantees an opportunity to disclose any actual, potential or perceived conflicts of interest that
may exist when receiving a grant. It is the grantee's obligation to be familiar with the Office of Grants
Management (0GM) Policy 08-01, Conflict of Interest Policy for State Grant-Making and to disclose any
conflicts of interest accordingly.
All grant applicants must complete and sign a conflict of interest disclosure form.
I or my grant organization do NOT have an ACTUAL, POTENTIAL, or PERCEIVED conflict of interest.
If at any time after submission of this form, I or my grant organization discover any conflict of interest(s), I or
my grant organization will disclose that conflict immediately to the appropriate agency or grant program
personnel.
o I or my grant organization have an ACTUAL, POTENTIAL, or PERCEIVED conflict of interest. (Please
describe below):
If at any time after submission of this form, I or my grant organization discover any additional conflict of
interest(s), I or my grant organization will disclose that conflict immediately to the appropriate agency or grant
program personnel.
Printed name:
Andrew Healy Digitally signed by Andrew Healy
Signature:Date: 2018.05.22 16:22:34-0500'
Organization:
Date:
03/20/2017 5
List Officers! Key Employees and include resumes (President, Vice President, etc.):
Name Title Years at Company
Andrew Healy coo Founder - since 2015
Alex French CEO Founder- since 2015
Does the property or the business have any outstanding local, state or federal tax liabilities? LI Yes 50 No
If yes, describe:
Are there current or unsatisfied judgments or injunctions against the business or owners? LI Yes R No
If Yes, describe:
Is there current or pending litigation involving the business? LI Yes io No
If yes, attach summary and disposition.
Within the past five years, has there been any violation(s), citation(s), or complaint(s) of discrimination filed
against the company in a state or federal court or before any state, federal or local government agency?
LI Yes M No If Yes, attach a copy of the violation(s), citation(s), or complaint(s) and the disposition of each.
Have there been any current or past bankruptcies on the part of the business, or on the part of any current (or
prospective) officer, principal, owner or in any business dealings of current (or prospective) officers, principals, or
owners of the applicant entity? LI Yes R No
SECTION 3- PROJECT OVERVIEW
PART A - Project Description. Describe the project for which MIF funds are being requested. Please attach a
narrative and include the following information:
1.Provide details for the project for which MIF funds are being requested. Discuss topics such as square footage,
lease versus ownership, new construction versus renovation, or leasehold improvements, etc.
2.Is this a new facility/site, expansion and/or acquisition?
3.Will the business purchase/lease/or construct the facility? Who will own the facility?
4.Explain why MIF financing is necessary for this project to move forward (e.g. financing gaps, lack of collateral,
potential non-Minnesota locations).
5.Describe how the MIF project will strengthen and/or diversify the local or Minnesota economy.
6.Describe any local government assistance for the MIF project (e.g., city loan, abatement, TIF, etc,).
7. Attach a commitment letter from each financing source, including a letter of commitment for any business
equity.
PART B - Project Timeframe
Task Estimated Completion Date
Commitment of all funds 7/3/2018
Start of construction 7/5/2018
Purchase Equipment 7/5/2018
Project Completion 8/31/2018
03/20/2017 7
JOB CREATION FORM LIST ALL PERMANENT JOBS TO BE CREATED
POSITION TITLE
(List permanent FTE positions only)*
HOURLY
CASH RATE
WITHOUT
BENEFITS
HOURLY VALUE
OF BENEFITS **
TOTAL HOURLY
WAGE INCLUDING
BENEFITS
Accounting $24.04 $0 $24.04
Human Resources $24.04 $0 $24.04
Outside Sales $24.04 $0 $24.04
Outside Sales $24.04 $0 $24.04
Outside Sales $24.04 $0 $24.04
Outside Sales $24.04 $0 $24.04
Outside Sales $24.04 $0 $24.04
Outside Sales $24.04 $0 $24.04
Inside Sales $24.04 $0 $24.04
Inside Sales $24.04 $0 24.04
Quality $24.04 $0 24.04
Shift Lead $15.00 $0 $15.00
Shift Lead $15.00 $0 $15.00
Operator $15.00 $0 $15.00
Operator $15.00 $0 $15.00
Operator $15.00 $0 $15.00
Operator $15.00 $0 $15.00
Operator $15.00 $0 $15.00
Operator $15.00 $0 $15.00
Operator $15.00 $0 $15.00
Total jobs to be Created: 23 Average hourly wage: $19.32 Average hourly benefits: $0
Lowest Hourly wage: $1500 Lowest hourly benefits: $0
*F or the purposes of the Minnesota Investment Fund program, jobs considered must be non-contract, non-seasonal, permanent
full-time (or part time that add to 2080) equivalent positions working at least 2080 hours per year.
** Only non-mandated benefits to the employee. Social security tax, unemployment insurance, workers compensation insurance
and other benefits mandated by law must be excluded.
*** Total compensation including base wage and benefits must be at least 110% of the federal poverty income level for a family of
four (verify current wage levels with loan officer at the time of application).
PART E - Environmental
Are there any environmental risks associated with the site, building, or the business itself? U Yes • No
If yes, please describe:
2. Have state environmental review requirements been met, if applicable? M Yes U No
03/20/2017 9
Job Listing Notice
A business receiving financial assistance from the State of Minnesota in an amount in excess of $200,000 for a
single project shall work with DEEDs Employment and Training staff to list any vacant or new positions related
to the project on MinnesotaWorks.net per Minn. Stat. 116L.66. The employer is also encouraged to enlist the
services of DEED's Employment and Training staff to recruit and refer job candidates.
The Job Listing requirements follow these easy steps:
1.At the time of financing award, DEED's Business Finance Office will provide written notification of the
award to DEED's Employment and Training staff. This notification will include the business name,
address and phone number (as well as for the contact person) and the number and type of jobs to be
created as a result of the DEED assistance.
2.The Employment and Training representative will contact the business to schedule a meeting to sign a
Job Listing Agreement that details how positions will be posted on MinnesotaWorks.net . The
employer is required to list only those job openings that are part of the project DEED is assisting.
3.Managerial positions, positions that require unusual skills, knowledge, abilities and/or experience not
common to the labor market, and job openings to be filled by internal promotion will not subject to
the Agreement and need not be listed on MinnesotaWorks.net .
4.The business will notify the Employment and Training staff of job openings and will ensure that job
vacancies are entered into MinnesotaWorks.net at least 15 days prior to the anticipated hiring date.
Employment and Training staff may refer the employer to free services that can expedite the job order
entry.
5.Applicants will follow instructions on MinnesotaWorks.net to apply for open positions. However, the
business will make all decisions on which candidates they will interview and hire.
6.The employer may continue to use other recruitment and job referral services in addition to
MinnesotaWorks.net and may fill positions Qjpto meeting with Employment and Training staff and
signing the Job Listing Agreement.
The Job Listing Notice is designed to help businesses recruit and hire qualified candidates. If you have
questions about using MinnesotaWorks.net , please contact your Employment and Training
(https://m n .gov/deed/business/help/workforce-assistance/wf-strategV.isP) or the M innesotaWorks.net Help
Desk Specialist at (651) 259-7500.
Certification
I have read the above information and understand that as a recipient of state financial assistance in excess of
$200,000, a representative shall meet with DEED Employment and Training staff and agree to sign a job listing
agreement and post project-related jobs on MinnesotaWorks.net following the meeting.
Andrew Healy
Printed Name and Title of Business Contact
ly
Digitally signed by Andrew HealyAndrew Hea Date: 2018.05.23 17:34:48 -05'OO'
Signature
651-233-6971
Phone
5/23/18
Date
1/2018
Consent to Release Private Business Employment and Wage Data
Collected and Maintained by the Unemployment Insurance Program
Minnesota Department of Employment and Economic Development (DEED)
Your business is requesting financial assistance from a DEED business finance program that requires a commitment to
create and/or retain jobs at selected wage levels. To help verify your current and future employment and wage levels
during your participation in the program, DEED's Business Finance Office staff needs to review the monthly and
quarterly employment and wage data that you submit to DEED's Unemployment Insurance Program (UIP).
Because your UIP employment and wage data is private, it cannot be provided to Business Finance staff without your
permission. The data that will be provided with your permission includes aggregate Minnesota employment levels for
your company and at the project site, as well as specific wages and hours worked by your individual employees in
Minnesota. It is important to note that data or information on specific individuals will be identify-protected so
information such as social security numbers or names will not be provided.
Once you provide permission for UIP to share the data, UIP can provide the data to the Office of Business Finance. You
have the right to not provide consent by refusing to sign this consent form, however refusal may limit business finance
program eligibility. The Office of Business Finance may not release the data to any parties other than to your business
representatives and will only receive the data until all job creation and wage level commitments have been met.
To view the data or if you have questions, please contact Bob Isaacson, Executive Director, Office of Business Finance at
651-259-7458 or bob.isaacson@state.mn.us .
I give my permission for the Unemployment Insurance Program to release monthly and quarterly employment
and wage data to DEED'S Office of Business Finance; and
/ understand that this data will be used by the Office of Business Finance to verify job and wage goal
attainment associated with financial assistance it provides.
Digitally signed by Andrew Healy1\ nd revv H ealy Date: 2018.05.23 17:35:57
-05'00 Get Bizzy Inc. 5/23/18
Signature of Business Representative Company Date
Andrew Healy COO and Cofounder
Printed Name of Business Representative Position
47-5082610 andrew@bizzycoffee.com 651-233-6971
Federal EIN # E-mail Phone
03/20/2017 13
LI Yes LI No Business type identified and verification of chartering attached?
LI Yes LI No Business ownership section completed?
LI Yes LI No Officers / key employee section complete with resumes attached?
LI Yes LI No Legal questions complete and explanations attached, if applicable?
Section 3— Project Overview
OR Yes LI No Part A - Project description complete?
$ Yes LI No Project details
LI Yes LI No New facility! site, expansion or acquisition detailed
LIYes No Ownership
LI Yes LI No Why MIF is necessary
LI Yes LI No How MIF will help strengthen! diversity the economy
[1 Yes [1 No Local unit of government financial assistance
LI Yes LI No Commitment letters attached
LI Yes LI No Part B - Project sources and uses of funds complete?
LI Yes LI No Descriptions of equity and other provided?
LI Yes LI No Part C - Project timeframe information complete?
LI Yes LI No Part 0— Detailed job and wage information complete?
LI Yes LI No Job creation details and attachments completed?
LI Yes LI No Job creation form completed?
LI Yes LI No Payroll report submitted?
LI Yes LI No Relocation letter, if applicable, attached?
LI Yes LI No Part E - Environmental section complete?
Section 4— Business Acknowledgement and Certification
E* Yes LI No Business certification signed?
LI Yes LI No Job listing agreement signed?
LI Yes LI No Prevailing wage certification filled out and signed?
03/20/2017 15
Exhibit B
PUBLIC HEARING NOTICE EXAMPLE
Notice of Public Hearing
Notice is hereby given that on (date/time) at (location details) the (local unit of government) will hold a public
hearing concerning submittal of an application to the Minnesota Department of Employment and Economic
Development for a grant under the Minnesota Investment Fund (MIF) program.
The (local unit of government) is requesting approximately $ (amount of MIF funds to be requested) to assist
with the (start-up or expansion) of (name of business). The funds will be used for the creation of jobs.
All interested parties are invited to attend the public hearing at which time you will be given the opportunity to
express comments on the project.
Written testimony will also be accepted at the public hearing. Written comments must be received by (date) at
(address). Specific questions can be directed to (contact name and phone number).
The (local unit of government) makes reasonable accommodation for any known disability and to meet the
needs of non-English speaking residents that may interfere with a person's ability to participate in this public
hearing. Persons needing an accommodation must notify (contact person, phone number) no later than (date)
to allow adequate time to make needed arrangements.
1703/20/2017
BizzyCoffee
REQUEST:
(1)Public Hearing
(2)Resolution
Authorizing MIF
Loan Fund
Application
6/25/2018
Economic Development Authority Meeting
BizzyCoffee Company Background
Co-founded by Alex French and Andrew Healy in
2015.
Specializes in making cold-brew coffee products.
Bottles, bag-in-boxes, and dry coffee.
Product is nationally distributed in all 50 states
and sold in over 1,000 stores.
One of the top preforming cold brew coffee
products on Amazon
Currently located in Northeast Minneapolis.
Will be leasing approximately 6,600 sq. feet at
2700 Freeway Blvd.
5-Year Lease
Minnesota Investment Fund Background
ProgramisofferedbytheMinnesotaDepartmentofEmploymentandEconomicDevelopment.
Loanstobusinessesthatcreateorretainhigh-paying,fulltimejobsandinvestinmachineryorreal
propertyacquisitionorimprovements.
Offeredstate-wideandapplicationsareacceptedonayear-roundbasis.
Localgovernmententitiesarerequiredtobetheapplicantfortheloanapplication.
BizzyCoffee MIF Application Summary
BizzyCoffee is requesting $273,375 for to purchasing of new equipment
Amount is approximately 45% of the total project costs.
Application was completed in partnership with GreaterMSP
40% of the repayable loan can be put into a revolving loan fund for the City (caps at
$100,000)
City of Minneapolis did provide a letter of no-objection, as required.
BizzyCoffee plans to add a total of 23 new full-time employees within the next two
years.
Jobs will range from $15 -$24 per hour.
An additional 30 more FTE are expected to be added by 2023.
City staff will assist BizzyCoffee in hiring of Brooklyn Center residents and the possibility of participating
in the Brooklynkprogram.
Recommendation
ItisrecommendedthattheEconomicDevelopmentAuthorityofBrooklyn
Center,Minnesotaholdapublichearingandconsidertheresolutionauthorizing
thesubmissionofaMinnesotaInvestmentFund(MIF)applicationonbehalfof
GetBizzy,Inc.