HomeMy WebLinkAboutV.A. Intek Plastics MIF Award Letter - Signed
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
The Honorable
Office of the Mayor
101 4th Street East
Hastings, MN 55033
Dear Mayor Fasbender:
I am pleased to inform you that the City of Hastings’s application for Minnesota Investment
Fund assistance is approved. As outlined in the approved application, the City will make a loan
of $975,000 to Intek Plastics, Inc. for purchase of machinery and equipment. This award will
result in the creation of 46 jobs.
A grant contract is being prepared by Economic Development & Research Division staff. They
will also provide you with additional information about your grant award to ensure that the
project meets its goals. Please note that no project expenditures or job creation that occurs
prior to execution of the grant contract by all parties will be eligible for reimbursement or count
toward job creation requirements. 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from the date of this letter or the award may be rescinded. For additional information, contact
Chinwe Ngwu, Senior Loan Officer, at 651-259-7427 or chinwe.ngwu@state.mn.us
Finally, let me extend my congratulations to you and your staff for developing a successful
project application to help fuel your community and economic development growth.
Regards,
Steve Grove
Commissioner
cc: Senator Karla Bigham
Representative Tony Jurgens
Grantee John Hinzman, City of Hastings
Business Steve Glienke, Intek Plastics, Inc.