HomeMy WebLinkAboutResolution No. 174A-04 / 7M 09 -
RESOLUTION
WHEREAS, the City of .Rochester (the "City") and the Minnesota Department of
Employment and Economic Development ("DEED") have entered into a Grant Agreement
(#CDAP-01-0023-H-FY02), and subsequently the City and PEMSTAR, Inc. (the "Company")
have entered into a Loan Agreement dated January 1, 2002 to provide $300,000 in Minnesota
Investment Funds to facilitate an expansion at the Company's facility in Rochester; and,
• WHEREAS, the $300,000 Minnesota Investment Fund Grant / Loan constitutes a
"business subsidy" under the terms of Minnesota Statutes, Chapter 116J.993 through 116J.995;
and,
WHEREAS, under the terms of Section 3.6(h) of said Loan Agreement, the Company is
obligated to create 90 additional full time equivalent jobs above a base of 695 jobs, by
December 31, 2003; and,
WHEREAS, it has been determined by DEED that the Company has not met the
obligations of Section 3.6(h) of said Loan Agreement; and,
WHEREAS, the Company is requesting a one year extension (to December 31, 2004) as
permitted under the terms of Minnesota Statutes Chapter 116J.994 to meet the job creation
obligation of Section 3.6(h)'of said Loan Agreement; and,
WHEREAS, the Common Council held a public hearing on April 5, 2004, and gave all
interested parties an opportunity to be heard and to present testimony; and
WHEREAS, on the basis of the Company's request, the testimony and evidence
presented by interested parties, and consideration of the matter by the Common Council, it
appears that it is in the best interest of the- City of Rochester, its inhabitants and all other
•members of the public to grant the extension as requested.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of
skochester that the terms of the Loan Agreement between the City and the Company dated
January 1, 2002 be extended to December 31, 2004 as permitted under Minnesota Statutes .
116J.994:
PASSED AND ADOPTED BY THE COMMON COUNCIL OF THE CITY OF
ROCHESTER, MINNESOTA, THIS .f� DAY OF Aply 1 , 2004.
P IDENT OF SAIIJ COMMON COUNCIL
ATTEST. '
CI Y CL F�I<
APPROVED THIS (1711 DAY OF 2004.
MAYOR OF SAID CITY
(Seal of the City of
Rochester, Minnesota)
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