2003 ResolutionsRESOLUTION NO. 03-05
MONTICELLO HOUSING AND REDEVELOPMENT AUTHORITY
RESOLUTION AMENDING THE JOB AND WAGE GOALS WITHIN THE
CONTRACT FOR PRIVATE DEVELOPMENT
BY AND BETWEEN
TWIN CITY DIE CASTINGS COMPANY,
HOUSING AND REDEVELOPMENT AUTHORITY IN AND FOR THE CITY
OF MONTICELLO AND
CITY OF MONTICELLO
WHEREAS, the Housing and Redevelopment Authority (the "Authority") in and for the City
of Monticello, the City of Monticello (the "City"), and Twin City Die Castings Company (the
"Developer") entered into the Contract for Private Development (the "Agreement") by and
between Twin City Die Castings Company a17d Housing and Redevelopment Authority in and for
the City of Monticello and City of Monticello on October 25, 1999; and
WHEREAS, the Authority on April 4, 2001, approved the Certificate of Completion. based on
the issuance of a Temporary Certificate of Occupancy by the Building Official, and
WHEREAS, the Authority agreed to amend the date of the Certificate of Completion from
April 4, 2001, to July 26, 2001, the date of issuance of the Final Certificate of Occupancy, and
WHEREAS, the Authority called for a public hearing date of July 2, 2003, for consideration
to extend the Compliance Date within the Agreement; and
WHEREAS, the Authority held a public hearing on July 2, 2003, and approved extending the
"Compliance Date" for the creation of job and wage goals from July 26, 2003, to July 26, 2004,
within the Contract.
WHERF,AS, to prevent default of the Agreement, the Developer requests ARTICLE III,
Acquisition of Property; Site Improvements, Financial Assistance, Section. 3.6. Business Subsidy
Agreement, (b) Job and Wage Goals be amended to read: The Developer shall cause to be
created at least 42 new full-time equivalent jobs on the Development Property ............. and the
42 jobs pay an average rate of $18.40 per hour, exclusive of benefits.
NOVV, THERL;FORL, BE IT RESOLVED by the Authority, the City, and the Developer as
follows:
1. The Developer, Authority, and City understood amending the completion construction date
Resolution No. 03-05
Page 2
from June 1, 2000, to April 1, 2001, may have altered the Projected Tax Increment Cash Flow.
2. The Developer acknowledges that due to a sluggish economy and the competitiveness of
the Ew•opean and Chinese markets, the Developer used a temporary work force causing a non-
compliance of the job and wage goals by July 26, 2003.
3. The Developer has prepared and presented a strategic plan for compliance of the job and
wage goals per the Agreement and acceptable to the Authority.
4. The Developer and Authority understand per the Agreement, the Authority may, after a
public hearing, extend the Compliance Date by up to one year, provided that nothing in this
section will be construed to limit the Authority's legislative discretion regarding this matter.
The Authority, the City, and. the Developer hereby approve amending the job and wage goals
from 85 new full-time equivalent jobs to 42 new full-time equivalent jobs and shall cause the
wages for such employees on the Development Property to be as follows: The 42 jobs pay an
average rate of $18.40 an hour, exclusive of benefits. Amendment located within the Contract
for Private Development by and between Twin City Die Castings Company, Housing and
Redevelopment Authority in and for the City of Monticello, and City of Monticello, dated.
October 25, 1999.
Dated: ~v eJ. ~~ ,S , 20 ~ 3
___~
HOUSING AND REDEVELOPMENT
AUTHORITY IN AND FOR THE
CITY OF ~ ONTI E
By
Its Chair \
By
Its Executive Director
TWIN CITY DIE CASTINGS COMPANY
By
Its
CITY OF MONTI ~LLO
BY
Its Ma
By ~ ICJ -..
Its Administrator