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Home My WebLink About2016-025 (Vistatek Loan Forgiveness) RESOLUTION NO. 2016-025 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 second Employment Level Measuring date was January 31St, of 2016 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 12th, 2016 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, 2016, 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, 2016 is $50,000 plus accrued interest. 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 2nd day of February, 2016. CITY OF STILLWATER Ted Kozlowski, Mayor ATTEST: Diane F. Ward, Clerk SCHEDULE A CERTIFICATE OF JOBS This Certificate is made pursuant to the Loan Agreement and Loan Document dated February 19,2013, by and between the City of Stillwater, Minnesota,Lender and MAVACK,LLC,Borrower and relates to the Due Date of January 12,2016. All capitalized terms herein are defined in the Loan Agreement and Note. The number of Full-Time Equivalent Jobs existing at the Property as of January 3102014 is 28 and by January 31,2015 is increased to at least 35. The number of Full-Time Equivalent Jobs must remain at a minimum of 35 thereafter through January 31,2019 to be eligible for forgiveness of the loan. The number of Full-'time Equivalent Jobs as of January 31,2016 Is 38 employees. I certify that the information on this Certificate is true and correct as of the date set forth below. Borrower By: fi --- Title:Managing Director Date:01/12/2016 LOAN FORGIVENESS Based on the above Certificate,the amountof the principal and interest of the above referenced Note that is forgiven is 5 • City of Stillwater,MI y4 By; Title: .fr/ Date: Z-r97 aelte Employee Name. City State Anderson,Derek Somerset Wisconsin Axelson,Allen 0 Taylors Falls Minnesota Baines,Jeffrey New Richmond Wisconsin Chang,Pang Little Canada Minnesota Deis,Tyler Hudson Wisconsin Glockzin,Debra Hudson Wisconsin Gonzalez,Michelle Somerset Wisconsin HANSON,KiMBERLY STILLWATER Minnesota HENRY,DOUGLAS MAPLEWOOD Minnesota Her,Seng Hilltop Minnesota Hornstra,Dale North Branch Minnesota Joachim,Samuel Stillwater Minnesota Karpenko,Daniel Vadnais Heights _Minnesota Kensy,Deborah Lake Elmo Minnesota Leyde,Mark Cottage Grove Minnesota Lor,Shiann Thao Hugo Minnesota McConaughey,Jesse Somerset Wisconsin Merideth,Eric Chisago City Minnesota Miller,Samuel Hudson Wisconsin Mishek,Danny Roseville Minnesota Mishek,Allen Bayport Minnesota NASH,JODEEN SOMERSET Wisconsin Northwick,Juha St.Paul Minnesota POYNTER,SETH STILLWATER Minnesota Rau,Frank Saint Croix Falls Wisconsin Saunders,Paula Hudson Wisconsin Steele,Brent White Bear Lake Minnesota Stenger,Kenneth Oakdale Minnesota Sutherland,Jennifer Arden Hills Minnesota TRIEMERT JR,KIRK STILLWATER Minnesota Thao,Sonny Maplewood Minnesota Tirrmermanis,Trent Chisago City Minnesota Timm,Paul Oakdale Minnesota Vang,Blong St Paul Minnesota Vang,Ger St Paul Minnesota Vang,Lao St Paul Minnesota Vang,Xue St Paul Minnesota Voss,Newell Woodbury Minnesota Wtckner,William Oakdale Minnesota