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new additioflal jobs in the City of Ramsey within two years following the completion of the <br />project. Fi~,and, ing for equipment was one of the incentives that the City proposed to the <br />company as a port of an overall incentive package. The City offered to seek assistance for the <br />company in tho form of a grant from the Minnesota Department of Trade and Economic <br />Developmen in ithe amount of $95,000. The requested grant funds will be placed into the City's <br />Revolving L an t~Fund. A loan will then be made to Panther Precision Machine, Inc. to purchase <br />new equipm ..nt t~hat will improve their manufacturing process. This new process will allow the <br />company toI co/~tinue to be competitive in its industry. With the equipment, the overall <br />investment ih th6 City of Ramsey that the company will be making approaches 1.9 million. Prior <br />to the submi~siofi 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 Inpu~t <br /> <br />There was none. <br /> <br />Motion by C~Oun,Cilmember 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 IStr0mmen. Voting No: None. <br /> <br />The public h~aring closed at 7:14 p.m. <br />Council Aetf~on · <br /> <br />The regular raeettng of the City Council was called back to order at 7:14 p.m. <br /> <br />Motion by ~oUncilmember Zimmerman, seconded by Councilmember Pearson, to <br /> adopt <br />Resolution #03-06-158 entitled Local Government Resolution Economic Development Program, <br />subject to tim. al approval by the City Attorney, verlficat~on of credit no tax hens, and criminal <br />background checks. <br />Motion card ~d~l. Voting Yes: Mayor Gamec, and Councilmembers Zimmerman, Pearson, Cook, <br />Kurak, and S~rommen. Voting No: None. <br /> <br />Case#2: P~iblic Hearing: Introduce Ordinance Establishing a Gas Franchise <br /> Ordinance with CenterPoint Energy <br /> <br />Mayor Game{ <br /> <br />called the public hearing to order at 7:16 p.m. <br /> <br />Presentation <br /> <br />Finance OffiCer Lund stated that before any ordinance implementing a franchise fee can be <br /> ga~/¢l~ctric franchise ordinance with the gas/electric company needs to be in <br />adopted, <br /> place. <br /> a <br /> <br /> City Council/June 24, 2003 <br /> Page 7 of 37 <br /> <br /> <br />