HomeMy WebLinkAboutResolution No. 141-24 - Resolution - Job Creation Fund Cytotheryx
RESOLUTION
Supporting a Job Creation Fund Application In Connection With Cytotheryx, Inc.
WHEREAS, the City of Rochester, Minnesota (the “City”), desires to assist Cytotheryx,
Inc. which is proposing to expand its facility in the City; and,
WHEREAS, the City of Rochester understands that Cytotheryx, through and with the
support of the City, intends 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 matter was considered at a regularly scheduled meeting of the Common
Council on July 15, 2024.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of Rochester,
Minnesota, that the Common Council expresses their approval of, and hereby adopts the
following findings of fact related to, the project proposed by Cytotheryx, and its application
for an award and/or rebate from the Job Creation Fund Program:
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. Findings include the Company
has considered the proposed expansion in other communities. The Company
plans to hire 22 new full-time employees over a 3 year period.
2. Finding that the proposed project, in the opinion of the City Council, would not
reasonably expected to occur solely through private investment within the
reasonably foreseeable future. Findings include that the Company would like to
purchase an existing building that fits their needs. Currently a building that fits their
needs will be coming on the market within the next couple of months. If this building
is not purchased, ready-to-use co-working space lab space in a biotech hub like
Boston or San Francisco would be explored.
3. Finding that the proposed project conforms to the general plan for the development
or redevelopment of the City as a whole. Finding indicates the proposed project is
consistent with the goals of the City Comprehensive Plan for diversification of
economy and compact development utilizing existing infrastructure.
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. Finding includes diversification of economy and
opportunity to take advantage of local diverse workforce.
PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF
ROCHESTER, MINNESOTA, THIS __________ DAY OF _______________, 2024.
___________________________________
PRESIDENT OF SAID COMMON COUNCIL
ATTEST: __________________________
CITY CLERK
APPROVED THIS _____ DAY OF ______________________, 2024.
___________________________________
MAYOR OF SAID CITY
(Seal of the City of
Rochester, Minnesota)