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Home My WebLink AboutV.A. Intek Plastics Inc - JCF - Award Letter Minnesota Department of Employment and Economic Development 332 Minnesota Street, Suite E200, St. Paul, MN 55101 Phone 651/259-7114 or 1-800-657-3858 mn.gov/deed July 29, 2022 Mr. Steve Glienke CFO and Expansion Project Manager Intek Plastics, Inc. 1000 Spiral Blvd. Hastings, MN 55033 Dear Mr. Glienke: I am pleased to inform you that Intek Plastics, Inc.’s application for Job Creation Fund designation is approved. As outlined in the application, Intek Plastics, Inc. is expected to have $6,571,535 in eligible capital expenditures and create 46 new jobs. Based on those and other factors, the Department of Employment and Economic Development will provide up to $725,000 in a Job Creation Fund award to Intek Plastics, Inc., consisting of up to $450,000 in a job creation award and $275,000 in a capital investment rebate. The contract will have a five (5) year term. To facilitate the timely delivery of this assistance, all contracts and agreements associated with this financing must be completed within 120 days from the date of this letter or the award may be rescinded. A business subsidy agreement, which includes a provision regarding prevailing wage, is being prepared by the Economic Development and Research Division staff. Please note that no project expenditures or job creation that occurs prior to execution of the business subsidy agreement by all parties will be eligible for rebate or count toward job creation requirements. Staff will also provide you with additional information on performance goals, reporting and requesting funds. For additional information, contact Tom Washa, Program Administrator, at 651-259-7483 or Drew Lindorfer, Senior Loan Officer, at 651- 259-7450. Thank you for your investment and job creation in Minnesota. We are excited about your expansion and look forward to your long-term success. Regards, Steve Grove Commissioner C: Senator Karla Bigham Representative Tony Jurgens Eric Maass, Economic Development Coordinator, City of Hastings