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Economic Development Consultant Mulrooney replied that both payments would be accelerated. <br /> <br />Councilmember Zimmerman inquired as to why the creation of 50 new jobs was included in the <br />development agreement and questioned if that was an unreasonable request. <br /> <br />Economic Development Consultant Mulrooney replied that the 50 jobs Was the projection <br />provided by the company, noting that at that time the economy was a lot different than it was at <br />this time. In addition the creation of 50 jobs was also a requirement the State imposed in order <br />for them to receive the loan fi.om the State. <br /> <br />Councilmember Zimmerman inquired as to what aspect of their business is impacted by a slower <br />economy. <br /> <br />Ted Mateski, Presidenl <br />getting the project ~;~ioped. <br />economy because on <br />since they have been <br />do some layoffs or not replace <br />but was not sure when. <br /> <br />Refrigeration, thanked the City for all their assistance with <br />stated that their business is not immune to the slowing <br />construction for their business. Mr. Mateski explained that <br />had increased their number of jobs to 64, but had to <br />that in the long term they will meet those goals, <br /> <br />Councilmember Hendriksen <br /> <br />guarantees the $892,000. <br /> <br />City Attorney Goodrich replied that the $300,000 loan is a second mortgage <br />securing the grant the City received from ell as the City having a security <br />agreement for personal property on the site. $592,000 as it pertains to TIF. <br />The action before the Council would not [ .. in after, different situation than what <br />currently exists. <br /> <br />Councilmember Kurak stated that if' Systematic Refrigeration ~ default on the first <br />mortgage then the State of Minnesota could take over the buil Sh~uestioned if that were <br /> · ,~'~ ~ . . <br />to occur, would the only way the City' could collect on the~OO,O00 would be to buy back their <br />portion from the State of Minnesota. <br /> <br />City Attorney Goodrich replied yes. <br /> <br />Councilmember Kurak inquired if the property were to go into arrears on taxes and Anoka <br />County steps in to collect their taxes would the County still have to pay the City of Ramsey. <br /> <br />City Attorney Goodrich replied that the County would be required to pay the City of Ramsey if <br />the taxes are collected. <br /> <br />City Council/January 8, 2002 <br /> Page 9 of 27 <br /> <br />-59- <br /> <br /> <br />