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2000 ResolutionsECONOMIC DEVELOPMENT AUTHORITY IN AND FOR THE CITY OF MONTICELLO, MINNESOTA RESOLUTION NO. 00-2 RESOLUTION AMENDING THE BUSINESS SUBSIDY CRITERIA OF THE ECONOMIC DEVELOPMENT AUTHORITY IN AND FOR THE CITY OF MONTICELLO, MINNESOTA WHEREAS, the Economic Development Authority in and for the City of Monticello, Minnesota, held a public hearing on August 31, 1999, and approved the Business Subsidy Criteria for the Economic Development Authority in and for the City of Monticello, Minnesota, pursuant to Minnesota Statues, Section 1167.993 through 1167.994; and WHEREAS, the 2000 Minnesota Legislators enacted amendments to the Business Subsidies, Minnesota Statutes, Section 1167.993 through 1167.995; and WHEREAS, the Economic Development Authority in and for the City of Monticello, Minnesota, has performed all actions required by law to be performed prior to approval and adoption of the proposed amendments to the business subsidies, including the holding of a public hearing upon published notice as required by law. Public Hearing Date November 8, 2000. NOW, THEREFORE, BE IT RESOLVED by the Economic Development Authority in and for the City of Monticello, Minnesota, that the business subsidy criteria, contained in Exhibit A of this resolution are hereby approved and adopted and shall be placed on file at the Office of the Economic Development Authority, 505 Walnut Street, Suite 1, Monticello, Minnesota. Dated ~ ~ - ~ ~ © ~ ~;;'~~,~ ATTEST: It's Chair ~~: ~ ~~ It's Executive Director ECONOMIC DEVELOPMENT AUTHORITY IN AND FOR THE CITY OF MONTICELLO, MINNESOTA Resolution No. 00-1 RESOLUTION RATIFYING THE AGREEMENT TO EXTEND THE NON-PERFORMANCE DATE FOR GMEF LOAN N0.017. WHEREAS, the Monticello Economic Development Authority ("Authority") approved Greater Monticello Enterprise Fund (GMEF) Loan No. 017 on September 28, 1999, for Twin City Die Castings Company (the "Applicant"); and WHEREAS, the Authority approved the loan for machinery and equipment in the amount of $100,000 at a fixed interest rate of 6.25%; and WHEREAS, the Applicant agreed to create 85 new jobs for the City of Monticello within two years at wage goal of at least 90% of the jobs to pay a rate equal to or greater than 160% of the Federal minimum wage, exclusive of benefits, for individuals over the age of 20 during the term of the assistance; and WHEREAS, the Applicant agreed to construct an 36,000 square foot office/manufacturing facility in Phase I with construction completed by September 1, 2000, and an addition consisting of 16,000 square feet by June 1, 2002; and WHEREAS, the Authority Staff and Applicant had determined the need to extend the Non- Performance Date from March 28, 2000, to September 28, 2000, for GMEF Loan No. 017; and WHEREAS, the Authority via a polling on March 3, 2000, agreed to extend the Non- Performance Date from March 28, 2000, to September 28, 2000, for GMEF Loan No. 017; NOW THEREFORE, BE IT RESOLVED by the Board of Commissioners of the Monticello Economic Development Authority as follows: The Non-Performance Date of September 28, 2000, for GMEF Loan No. 017 is approved. 2. The GMEF Loan No. 017 Criteria as approved September 28, 1999, is in no other way modified and the amount of the loan and rate are not increased by this modification. Authority staff is authorized and directed to attach a copy of said resolution to the approved loan criteria and to forward a copy to the Applicant. proved by the Board of Commissioners of the Monticello Economic Development Authority this 25"' day of April, 2000. ~~~~ EDA Chair ATTEST: n ~~~ ~ a ~/~ Executive Director