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AGENDA ITEM 5 <br />STAFF ORIGINATOR: Mary Alice Divine <br />DATE: 06/23/03 <br />TOPIC: Public Hearing: Consideration of Resolution No. 03- <br />02 extending Compliance Date for Wage and Job <br />Goals for Marmon/Keystone <br />BACKGROUND: <br />In August of 2000 the Lino Lakes Economic Development Authority (EDA) <br />entered into a Development Agreement with Marmon/Keystone Corporation. As <br />a part of that agreement, the company was required to create four new jobs by <br />June 1, 2003 at a wage no less than $15.00 per hour. <br />Marmon/Keystone has requested that the compliance date for meeting its goal <br />be extended to June 1, 2004. The request noted that the general economy has <br />limited their growth since 2001 and they were only able to hire two new <br />employees. They were able to maintain their employment levels during the past <br />two years in Lino Lakes while they reduced staff at most other facilities. <br />The development agreement states that the EDA may, after a public hearing, <br />extend the compliance date by up to one year. If Marmon/Keystone is not given <br />an extension, the tax increment financing would be withheld according to a <br />formula that is based on a pro rata share of the number of jobs created versus <br />the number required. <br />RECOMMENDATION: <br />Open the public hearing <br />