Laserfiche WebLink
-28- <br /> <br />185,000 square foot corporate headquarters and manufacturing facility. Following the <br />completion of the project, the company will employ 79 people immediately and will be creating <br />at least 27 new full time jobs within the next two years. The average wage rate for the new jobs <br />will be $19.57 plus $1.37 in the form of benefits. As the loan is repaid the City of Ramsey will <br />be able to retain the first $100,000 of principle plus interest. The loan proceeds can then be used <br />to provide additional capital for the revolving loan fund. He noted that the business will produce <br />$339,000 in tax revenue. <br /> <br />Citizen Input <br /> <br />The public hearing closed at 7:48 p.m. <br />Council Business <br /> <br />Councilmember Hendriksen inquired as for what period of time the business will generate the <br />$339,000. <br /> <br />Economic Development Cofisultant Mulrooney replied that if the tax rate does not change it <br />would be each year for the life of the contract. <br /> <br />Councilmember Kurak'kquiredaS t~'what the term of the loan will be. <br /> <br />Economic Development Consultant Mulr30ney replied 10 years or the average life of the <br />equipment being financed. He:'n;ted;::~at at:this t/me they are only looking for approval to <br />submit the grant application, not approve ~h~:iSan. <br /> <br />There was no public comment. ~ <br /> <br />Motion to by Councilmember Zimmerman, s~Onded bg::~Gouncilmember Kurak, to close the <br />public hearing. ~i!ii!i:'~ ~:~ <br /> <br />Motion carried. Voting Yes: Mayor Gamec, Couficilm~mbers Z~erman, Kurak, Anderson, <br />and Hendriksen. Voting No: None. '~ <br /> <br />Mayor Gamec called the regular City Council meeting back to order at 7:48 p.m. <br /> <br />Motion by Councihnember Kurak, seconded by Councilmember Hendriksen, to adopt the Local <br />Government Resolution authorizing the submission of the grant application to the Minnesota <br />Department of Trade and Economic Development for funding of the Star Exhibits and <br />Environments project, subject to satisfactory review of credit reports by staff and legal counsel. <br /> <br />Motion carried. Voting Yes: Mayor Gamec, Councilmembers Kurak, Hendriksen, Anderson, <br />and Zimmen'nan. Voting No: None. <br /> <br />City Council/November 27, 2001 <br /> Page 6 of 22 <br /> <br /> <br />