Laserfiche WebLink
144 <br />Ordinance 83-17, entitled; :'AN ORDINANCE AUTHORIZING THE EXECUTION OF AN <br />AGREEMENT WITH CONERGICS. CORP. PERTAINING TO THE FINANCING OF THE <br />ACQUISITION OF AN EXISTING INDUSTRIAL FACILITY WITHIN THE BOUNDARIES OF THE <br />VILLAGE OF MAYFIELD FOR THE USE OF CONERGICS CORP., AND DECLARING AN <br />EMERGENCY." Introduced by Mayor Beebe and Council as a Whole. <br />Mr. Flynn asked if there were any comments from Council. <br />Mrs. Hanus questioned what had been done regarding the note from Mrs. Bloom <br />about including in the agreement that if after one year following the issue <br />date of the bonds the company has not hired 15 additional employees, they <br />agree to pay the Village $500.00 for each person less than 15. <br />Mr. Feneli has prepared an alternate page three to the agreement which contains <br />this stipulation. <br />Mr. Etzler commented he thought this was to be on an annual basis. <br />Discussion was held. <br />Mr. Kramer and Mr. Bollin were present to answer questions regarding the bonds. <br />Mr. Kramer was asked his opinion of the proposed stipulation. <br />Mr. Kramer said he was not here representing the Company, but in his past <br />experience there was never a case in which this type of requirement was imposed. <br />He thinks an important consideration is that this is mainly a job preservation <br />project to maintain the company in the Village with the existing employment. <br />However, they anticipate an additional 20 or so jobs will be created during <br />the next year. He feels this type of penalty would not attract other businesses <br />who ma.y consider locating in the Village, and that it is not conducive to <br />economic development. He also questioned the legality of such a penalty. <br />Mr. Feneli commented further research would be necessary regarding the legality <br />of such a stipulation. <br />Mr. Bollin explained he is currently employed with Fisher Industries and could <br />not commit Conergics Corporation to anything tonight. He said if the ordinance <br />includes such a stipulation he would have to discuss it with Conergics and get <br />their reaction. <br />Mr. Kramer pointed out there would be no risk involved to the company issuing <br />the bonds. <br />Mrs. Hanus asked what the current number of employees were at Mayfran. <br />Mr. Kramer said there are 65 employees in the factory and 40 to 45 office <br />employees at the present time. The issuance of the bonds would preserve the <br />current jobs and could create 20 additional positions. <br />I