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City Council Resolution 2002-65CITY OF MONTICELLO RESOLUTION NO. 2002-65 RESOLUTION EXTENDING THE COMPLIANCE DATE OF SMALL CITIES ECONOMIC DEVELOPMENT PROGRAM GRANT NO. LDAP-99-0122-H-FY00 FOR TWIN.CITY DIE CASTINGS COMPANY WHEREAS, on January 5, 2000, the City of Monticello, Minnesota, was awarded a Minnesota Investment Fund Grant through the Small Cities Economic Development Program of the Minnesota Department of Trade and Economic Development for the Twin City Die Castings Company expansion project. WHEREAS, on June 8, 2000, the City of Monticello, Minnesota, and the Twin City Die Castings Company entered into the Agreement for Loan of Srriall Cities Development Program Funds. WHEREAS, within ARTICLE 7, Provision of New Permanent Jobs, Section 7.1. Business Subsidy Agreement, (b) of the Agreement for Loan of Small Cities Development Program Funds: By no later than June 30, 2002 (the "Compliance Date") and continuing through at least the Compliance Date, the Developer shall create at least eighty-five (85) new frill -time equivalent jobs (the "New Jobs") on the Development Property. Fifty-one percent of the New Jobs must be filled by low to moderate income persons as defined within the Agreement. WHEREAS, on July 26, 2001, the Chief Building Official for the City of Monticello, Minnesota, issued a Certificate of Occupancy Permit to Twin City Die Castings Company for the property located at 520 Chelsea Road, Monticello, MN. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL that the "Compliance Date" within the Agreement for Loan of Small Cities Development Program Funds dated June 8, 2000, is hereby approved extending the "Compliance Date" from June 30, 2002, to July 26, 2003. Adopted by the City Council this 23rd day of September, 2002. t- Mayo City Administrator