BY COUNCILOR GILBERT:01-0578R
RESOLUTION SUPPORTING APPLICATION OF APPRISE TECHNOLOGIES, INC., FOR A STATE CHALLENGE GRANT.
WHEREAS, pursuant to the Rural Development Act, local units of government 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 Apprise Technologies, Inc.; and
WHEREAS, it is consistent with the purpose of this governing unit to encourage employment and increase tax base.
NOW, THEREFORE, BE IT RESOLVED, that the city of Duluth supports this application
for funding on behalf of Apprise Technologies, Inc.
Apprise Technologies, Inc. was established in 1997 to develop, produce and sell analytical sensors, sensor data acquisition and data telemetry systems for the biomedical, environmental and process control instrumentation markets. Up to this point, developing and marketing the RUSS family of products (Remote Underwater Sampling Station) has been the company's primary focus. The company is now diversifying into optic sensor applications and has begun to develop and manufacture opto-electronic sensor based monitoring equipment for process control and resource management.
Apprise is seeking a $400,000 financing package for equipment and working capital to enable them to develop and market its current and new products that will help sustain the company through its development stages and diversify the company's sales base. This financing package includes this Northland Foundation loan through the State Challenge Grant program, a separate loan fund of the Northland Foundation, and a loan from Minnesota Power's loan program.
This financing package will help to retain the current 15 employees and to create a projected 16 new jobs--all paying in excess of $25,000.