HomeMy WebLinkAbout2015-036 (VistaTek Loan Forgiveness Certificate) RESOLUTION NO. 2015-036
A RESOLUTION FOR
VISTATEK LOAN FORGIVENESS CERTIFICATE
WHEREAS, on May 13th, 2013 the City and VistaTek signed a Loan Agreement
providing financial incentives for VistaTek to move its manufacturing facility to a site in
Stillwater that needed environmental cleanup, and;
WHEREAS, the Loan Agreement also provided incentives to VistaTek to bring well
paying manufacturing Jobs to Stillwater and to increase the number of jobs after relocation, and
if the goals for job creation were met in a timely manner, portions of the Loan would be
forgiven, and;
WHEREAS, the first Employment Level Measuring date was January 31st, of 2015 and
required a level of employment of 35 Full Time Equivalent Jobs, and VistaTek reached and
exceeded the required number as noted on the report generated by VistaTek on January 2961,
2015 attached to this resolution as Exhibit A and certified to by VistaTek on the Certificate of
Jobs attached as Exhibit B, and;
WHEREAS, by the terms of the Loan Agreement and Note, interest was to be fixed for
the term of the Note 3 days before the signing on the Note according to the Wall Street Journal
Prime Rate, which on the 10th day of May, 2013 was 3.25%, and interest that has accrued on the
Note as of January 31st, 2015 was $13,979.28, and the Scheduled Principal Forgiveness on
January 31st, 2015 was $50,000;
NOW THEREFORE BE IT RESOLVED, as follows:
1. That the total amount of Forgiveness due on January 31st, 2015 was $63,979.28.
2. That the Loan Forgiveness Certificate in that amount as set forth in the form Exhibit B be
signed by the Mayor and attested to by the City Clerk and delivered to VisaTek.
Enacted by the City Council of the City of Stillwater this 17th day of February, 2015
CITY OF STILLWATER
Ted Kozlowski, M
ATTEST:
14k
/14,(OVIV
Nancy Ma s
Acting City Clerk
Dave Magnuson
From: Danny Mishek <danny@vistatek.com>
Sent: Thursday,January 29, 2015 3:16 PM
To: 'Bill Turnblad'
Cc Dave Magnuson
Subject: VistaTek Employee Count I Stillwater Letter
Bill, -
•
I am proud to announce that VistaTek's employee count is 46 as of the 31st. Let me know I you need any other
information. Thank you!
Count Employee Job Title
1 Anderson, Derek 1st Shift Process Technician
2 Axelson,Allen Jr 2nd Shift Process Technician
3 Baines,Jeff Operations Manager
4 Berg, Leonard Mold Maker
5 Becker,Joshua 1st Shift Machinist
6 Bjurstrom,Waynne Process Technician
7 Byzewski, Brian 2nd Shift Injection Mold Operator
8 Chang, Ching 3rd shift production operator/assembler
9 Chang, Pang 1st shift production operator/assembler
10 Deis,Tyler 1st Shift Machinist
11 Eyafe, Happy Quality Engineer
12 Flattum, Melissa Inside Sales Support
13 German, Gabe Tooling Engineer
14 German,Timothy 2nd Shift Injection Mold Operator
15 Glockzin, Deb Customer Relations
16 Gonzalez, Michelle 2nd Shift Machinist
17 Her, Seng 3rd shift production operator/assembler
18 Hundt, Nathan CNC Programmer
19 Jenkins,Jerry Process Technician
20 Joachim, Samuel 2nd Shift Machinist
21 Karpenko, Dan Tool Maker
22 Kensy, Debbie Office Manager
23 Kinsella, Michael Shipping/Receiving Clerk
24 Leyde, Mark Tool Maker
25 Lor, Shiann Thao 2nd shift production operator/assembler _
McConaughey,
26 Jesse Technical Tooling Manager
27 Meredith, Eric Maintenance Technician
28 Mishek,Allen Account Manager
29 Mishek, Dan Managing Director
30 Northwick,Julia Administrative Coordinator
31 Shaffer, Chad Product Development
32 Sutherland, Jennifer Director Of Finance
33 Stenger, Ken Maintenance Engineer
34 Thao,Sonny Kou 3nd shift production operator/assembler
35 Thao, Lee 2nd shift production operator/assembler Exhibit A
1 Page 1 of 2
36 Thao, Vang 1st Shift Operator/Material Handler
37 Timm, Paul Mold Maker
38 Timermanis,Trent Tooling Engineer
39 Vang, Blong Machinist
40 Vang, Ger 3rd Shift Process Technician
41 Vang, Lao _ 1st shift production operator/assembler
42 Vang,Tua Janitor
43 Vang,Xue 3rd Shift Operator/Material Handler
44 Voss, Newell Inside Sales Support
45 Wickner, Bill 2nd shift tool maker
46 Yang, Vameng 1st shift production operator/assembler
Best regards,
Danny Mishek
Managing Director I VistaTek I 1850 Greeley St South, Stillwater, MN 55082
W: 651-653-0400 I M: 612-386-7752 www.VistaTek.com
Visit my LinkedIn orofll
Exhibit A
2 Page 2 of 2
SCHEDULE A
CERTIFICATE OF JOBS
This Certificate is made pursuant to the Loan Agreement and Loan Document dated
1Aavrlev t 307P , 20yS by and between the City of Stillwater, Minnesota, Lender and
ViYbT4}C , Borrower and relates to the Due Date of , 20 . All
capitalized terms used herein are defined in the Loan Agreement and Note.
The number of Full-Tune Equivalent Jobs existing at Borrower at the Property as of
January 31,2014 is 28 and by January 31,2015 is increased to at least 35.
I certify that the information on this Certificate is true and correct as of the date set forth
below.
Borrower
By:
Title: tga 111fk t1
Date: /;0/1
LOAN FORGIVENESS
Based on the above Certificate,the amount of principal and interest of the above-referenced
Note that is forgiven is$<01 02 0
CITY OF STILLWATER,MINNESOTA
By: /44U,'/AA'
Title: rPiretttM c-t`r( 0E0nAtN tsTtt.A't6&
Date: 2^ S
1
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Exhibit B