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new additional jobs in the City of Ra~sey within two years following the completion of the <br />project. Financing for equipment was one of the incentives that the City proposed to the <br />company as a part of an overall incentive package. The City offered to seek. assistance for the <br />company in the form of a grant from the Minnesota Department of Trade and Economic <br />Development in the amount of $95,000. The requested grant funds will be placed into the City's <br />Revolving Loan Fund. A loan will then be made to Panther Precision Machine, Inc. to purchase <br />new equipment that will improve their manufacturing process. This new process will allow the <br />company to continue to be competitive in its industry. With the equipment, the overall <br />investment in the City of Ramsey that the company will be making approaches 1.9 million. Prior <br />to the submission of the grant application, the City must hold a public hearing for the purpose of <br />receiving comments from the general public regarding the proposed financing. <br /> <br />Citizen Input <br /> <br />There was none. <br /> <br />Motion by Councilmember Zimmerman, seconded by Councilmember Cook, to close the public <br />hearing. <br /> <br />Motion carried. Voting Yes: Mayor Gamec, and Councilmembers Zimmerman, Cook, Kurak, <br />Pearson, and Strommen. Voting No: None. <br /> <br />The public hearing .closed at 7:14 p.m. <br /> <br />Council Action <br /> <br />The regular meeting of the City Council was called back to order at 7:14 p.m. <br /> <br />Motion by Councilmember Zimmerman, seconded by Councilmember Pearson, to adopt <br />Resolution #03-06-158 entitled Local Government Resolution Economic Development Program, <br />subject to final approval by the City Attorney, verification of credit no tax liens, and criminal <br />background checks. <br /> <br />Motion carried. Voting Yes: Mayor Gamec, and Councilmembers Zimmerman, Pearson, Cook, <br />Kurak, and Strommen. Voting No: None. <br /> <br />Case#2: Public Hearing: Introduce Ordinance <br /> Ordinance with CenterPoint Energy <br /> <br />Mayor Gamec called the public hearing to order at 7:16 p.m. <br /> <br />Establishing a Gas Franchise <br /> <br />Presentation <br /> <br />Finance Officer Lund stated that before any ordinance implementing a franchise fee can be <br />adopted, a gas/electric franchise ordinance with the gas/electric company needs to be in place. <br /> <br />City Council/June 24, 2003 <br /> Page 7 of 37 <br /> <br />P29 <br /> <br /> <br />