BY COUNCILOR STENBERG:01-0871R
RESOLUTION AUTHORIZING AN AGREEMENT WITH SINEX AVIATION TECHNOLOGIES IN AN AMOUNT NOT TO EXCEED $250,000 AND AUTHORIZING ACCEPTANCE OF REIMBURSEMENT FROM THE DULUTH ECONOMIC DEVELOPMENT AUTHORITY IN THE AMOUNT OF $50,000.
RESOLVED, that the proper city officials are hereby authorized to enter into an agreement, substantially in the form of that on file in the office of the city clerk as Public Document No. ______, with Sinex Aviation Technologies (Silex) in a total amount not to exceed $250,000, payable from Fund 0255, contingent upon receipt by the city of a Soft Center workforce development fund grant from the Minnesota Legislature.
FURTHER RESOLVED, that the Duluth City Council hereby accepts reimbursement
from the Duluth economic development authority (DEDA) relating to the Silex
project in the amount of $50,000, said amount to be deposited into Fund
In exchange, Sinex, which currently employs 28 people, is agreeing to lease not less than 10,000 square feet in the Technology Village and to create at least 75 new jobs within 15 months of occupancy in the Technology Village. The new jobs will average approximately $45,000 per year. The City's funding will be provided through a Soft Center WorkForce Development Fund Grant from the Minnesota Legislature. Assistance is also anticipated from the 1200 Fund and the Minnesota Investment Fund.