City Council Resolution 2003-54CITY OF MONTICELLO, MINNESOTA
RESOLUTION NO. 2003-54
RESOLUTION AMENDING THE BUSINESS SUBSIDY AGREEMENT WITHIN THE
AGREEMENT FOR LOAN OF SMALL CITIES DEVELOPMENT PROGRAM FUNDS
BETWEEN THE TWIN CITY DIE CASTINGS COMPANY AND THE CITY OF
MONTICELLO
ASSOCIATED WITH THE
SMALL CITIES ECONOMIC DEVELOPMENT PROGRAM GRANT NO.
CDAP-99-0122-H-FY00
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, and
WHEREAS, on June 8, 2000, the City of Monticello (the "City") and the Twin City Die
Castings Company (the "Developer") entered into the Agreement for Loan of Small Cities
Development Program Funds (the "Agreement"), and
WHEREAS, on September 23, 2002, the City approved extending the "Compliance Date"
within ARTICLE 7, Provision of New Permanent Jobs, Section 7.1. Business Subsidy
Agreement, (b) of the Agreement from June 30, 2002, to July 26, 2003, and
WHEREAS, on July 17, 2003, and July 24, 2003, a notice of public hearing was published in
the local newspaper meeting the requirements of the Minnesota Business Subsidy Act, and
WHEREAS, on July 28, 2003, the City Council of the City of Monticello held a public
hearing to amend the Business Subsidy Agreement within the Agreement.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL that the Council
hereby approves amending ARTICLE 7, Provision of New Permanent Jobs, Section 7.1.
Business Subsidy Agreement, (b) and (c)(1) of the Agreement as follows:
1. By no later than July 26, 2004 (the "Compliance Date") and continuing through at
least the Compliance Date, the Developer shall create at least forty-two (42) new full-
time equivalent jobs (the "New Jobs") on the Development Property. Forty-two of the
New Jobs must pay a wage of at least $12.25 per hour, exclusive of benefits.
2. At least twenty-two (22) of the new jobs must be filled by people who, at the time of
hiring, reside in households of "low to moderate income" as defined by federal Section 8
guidelines (hereafter "Low to Moderate Income Persons")
Resolution No. 2003-54
Page 2
Adopted by the City Council of Monticello this 28th day of July, 2003.
,S AA-tev
Mayor
City Administrator