Magic Fund committee grants extensions
During a brief meeting Friday at City Hall, the Magic Fund Screening Committee agreed with recommendations of the Minot Area Development Corporation that two local businesses be allowed changes to their grant and loan agreements.
The first action of the committee was to address a 2008 grant of $50,500 and forgivable loan of $25,000 to Minot Sash and Door to pay for installation of a waterline and fire suppression system. Terms of the loan required Minot Sash and Door to hire three additional full-time employees by Jan. 31, 2014.
The waterline was installed in 2013. The fire suppression system is scheduled to be installed in June. Minot Sash and Door has not met the condition of hiring and retaining three full-time employees.
“We hired several people but can’t retain them. They come, they work and they are gone in three to four months,” Myron Fiest, Minot Sash and Door president, told the committee.
The committee asked for and granted Minot Sash and Door an extension of the loan requirement to Jan. 31, 2015.
Midwest Milling of Minot was granted an amendment to their agreement which consists of a $200,000 grant and $150,000 forgivable loan in 2012 for construction of a rail track with the stipulation that not less than nine full-time employees be hired by May 1, 2016, at the AG Park in northeast Minot.
Due to delays in anticipated site improvements at the Ag Park, Midwest Milling has not been able to go forward with new construction and has not drawn any dollars from the Magic Fund.
The committee approved a MADC recommendation to change the hiring requirement date for Minot Milling from May 1, 2016, to May 1, 2017.