Agenda - Council - 07/08/1997 - Laserfiche WebLink

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I I I CASE PROPOSED GRANT FROM MINNESOTA INVESTMENT FUND FOR THE NORTHSTAR DIE CASTING FACILITY By: James Gromberg, Economic Development Coordinator Ryan IL Schroeder, City Administrator Notification:, This Public heating was published and posted in accordance with the standard procedures for all public, hearings,,;. I.n addition, both Northstar Die Casting and the Department of Trade and Eco'n~h~i~'~;~'~it~nt' (DTED) have been notified. Background: - The City of Ramsey has been requested., by Northstar Die Casting to submit a grant application to the Minnesota Investment Fund (MIF) ¥or $75,000 to assist the company in the purchase of new equipment.. This grant from DTED is b'ased upon the retention of jobs and creation of new jobs, in the facility, by the company. The company has committed to the creation of 17 new jobs with an average wage of $10 per hour, excluding benefits. In addition to the new jobs that will be created, the company will also retain over 33 jobs. The combination of the new jobs and retained jobs will result in over 75% of the entire work force having jobs paying over $10 per hour, excluding benefits. This program is funded by DTED, but requires that the City administer the funds use and report on the creation of the required jobs. The program also, requires that the City complete the application and its submittal to the State. The application will then be scored by DTED and the funds forwarded to the City. Acceptance of the funds will require that the company enter into a contractual agreement to create and ret-ain the jobs as indicated. Sho'uld the company fail to create and retain the indicated jobs, they will be required to repay a' prorated portion of the money received. Tonight's public hearing is the first step in the completion of the second part of the application. The public heating is intended to provide for the City to receive input from residents concerning this grant proposal. This information will be included with the application materials. In addition to the public heating, the City Council will be asked to pass a resolution authorizing the City Administrator to submit the second part of the application and to sign all required documents. Recommendation: Receive input from residents present concerning grant application and adopt the attached resolution authorizing the City Administrator to sign all documents required for the submittal and execution of the grant.