BY PRESIDENT GILBERT:00-0327R
RESOLUTION SUPPORTING APPLICATION BY SINEX AVIATION TECHNOLOGIES CORPORATION FOR STATE CHALLENGE GRANT.
WHEREAS, pursuant to the Rural Development Act, local governing units are required to issue a sponsoring resolution on behalf of the business requesting financing through the Northland Foundation; and
WHEREAS, the city of Duluth has received a request to issue a resolution on behalf of Sinex Aviation Technologies Corporation; and
WHEREAS, it is consistent with the purpose of this governing unit to encourage employment and increase the tax base.
NOW, THEREFORE, BE IT RESOLVED,
that the city of Duluth supports this application for funding on behalf
of Sinex Aviation Technologies Corporation.
Sinex is a four-year old aviation software company that recently incorporated. The company has developed an aircraft maintenance software program that uses Internet browser technology that is scalable to meet the scheduling and information needs of major regional airlines as wall as corporate and general aviation. A major airlines will be purchasing a Sinex system to install within a test bay; if performance is satisfactory, the airlines has indicated interest in then purchasing the system for four additional maintenance bays. This proposed loan is for the equipment that will be installed at the test bay.
The company is developing four versions of the maintenance software. In addition to this proposed loan, the company is also applying for a $30,000 Arrowhead Technology Fund loan for further product development. Together, these loans will help a young company launch its innovative product line (which is already receiving positive feedback from the aviation industry) and will assist the company in developing credit history so as to become bankable.
Currently, the company has five full-time employee and with this expansion anticipates to hire an additional two computer programmers with starting salaries beginning at $40,000/year.