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City Council Resolution 2026-60 (SCS Job creation fund app)CITY OF MONTICELLO WRIGHT COUNTY STATE OF MINNESOTA RESOLUTION 2026-60 RESOLUTION REGARDING THE SUPPORT OF A JOB CREATION FUND APPLICATION IN CONNECTION WITH SEAT COVER SOLUTIONS LLC WHEREAS, the City of Monticello, Minnesota (the "City"), desires to assist Seat Cover Solutions LLC, a Minnesota limited liability company (the "Developer"), and Ironbridge Holdings, LLC, a Minnesota limited liability company and the property ownership entity (the "Owner"), which are proposing to construct a facility in the City; and, WHEREAS, the City of Monticello understands that Seat Cover Solutions LLC and Ironbridge Holdings, LLC, through and with the support of the City, intend to submit to the Minnesota Department of Employment and Economic Development an application for an award and/or rebate from the Job Creation Fund Program; and, WHEREAS, the City of Monticello held a city council meeting on July 13, 2026 to consider this matter. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF Monticello, Minnesota, that, after due consideration, the Mayor and City Administrator of the City of Monticello, Minnesota, hereby adopts the following findings of fact related to the project proposed by Seat Cover Solutions LLC and Ironbridge Holdings, LLC and the application for an award and/or rebate from the Job Creation 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 Job Creation 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. The proposed development involves the construction of approximately 110,000 square feet of building space for warehousing, storage, and distribution of tangible personal property by Developer and the Owner. The Developer has represented that the relocation and expansion of its business to the City is necessary to retain its current operations in Minnesota, to expand its business, and to increase jobs in Minnesota. The project is in the public interest because, based on representations of the Developer, it will (i) discourage commerce, industry, or manufacturing from moving their operations to another state, (ii) result in increased employment in the state, and (iii) result in preservation and enhancement of the tax base of the state. Following completion of both phases, the estimated taxable market value will increase from $1,038,000 to approximately $11,911,424, representing a significant enhancement of the local and state tax base. 4928-8273-8106.2 2. 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 foreseeable future. The proposed development requires public financial assistance to offset the cost of land acquisition and site improvements to allow for the Developer to proceed with construction of the development. The total estimated public development costs, including land/building acquisition and site improvements, exceed amounts that the Developer and the Owner could reasonably finance without public assistance. Based on the above, the proposed development is not reasonably expected to occur solely through private investment without the reasonably foreseeable future. 3. Finding that the proposed project conforms to the general plan for the development or redevelopment of the City as a whole. The proposed project advances the City's broader development objectives. The City has adopted land use controls governing property use within its jurisdiction. The Planning Commission and City Council have reviewed the proposed development plans and determined that they conform to all applicable land use controls. The facility will be dedicated to warehousing, storage, and distribution of tangible personal property (excluding retail sales), along with office space necessary for and related to these activities —uses that are consistent with the City's development plans and applicable statutory requirements for economic development districts. 4. 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. The proposed project affords maximum opportunity for development by private enterprise, consistent with the sound needs of the City as a whole. The project contemplates that the Developer will undertake construction of the approximately 110,000 square feet of building space for warehousing, storage, and distribution operations. The Owner will acquire title to the property with assistance from the City of Monticello Economic Development Authority and will be responsible for the ownership and maintenance of the facility. The Developer will lease the facility from the Owner and will be responsible for the operation thereof for the warehousing, storage, and distribution of semi -custom fit seat covers engineered for a wide range of vehicle makes and models. The proposed project will maximize the use of a vacant site in the City, create jobs, and increase the City's tax base. This fits within the City's larger goals of increasing its tax base, creating employment in the City and meeting land use requirements. Sworn and Executed Under My Hand this 13th day of July, 2026. 4928-8273-8106.2 i Mayor ATTEST: OCiClerk 4928-8273-8106.2 HEREBY CERTIFY that the above is a true and correct copy of a resolution presented to and adopted by the Municipality of Monticello, County of Wright, State of Minnesota, at a duly authorized Municipal Council Meeting held in the Municipality of Monticello, Minnesota on the 13th day of July, 2026, as disclosed by the records of said Municipality on file and of record in the office. Municipality of Monticello 'Imklw" J nI er Schreib r, Ot Clerk i