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HomeMy WebLinkAboutLoan Conversions to GrantsDeschutes County Board of Commissioners 1300 NW Wall St., Suite 200, Bend, OR 97701-1960 (541) 388-6570 -Fax (541) 385-3202 -www.deschutes.org AGENDA REQUEST & STAFF REPORT For Board Business Meeting of May 14,2014 DATE: May 6,2014 FROM: Judith M. Ure Administrative Services 541-330-4627 TITLE OF AGENDA ITEM: Consideration of converting $14,000 business loan made to Agere Pharmaceuticals, Inc. to a grant. PUBLIC HEARING ON THIS DATE? No. BACKGROUND AND POLICY IMPLICATIONS: The Deschutes County Business Development Forgivable Loan Program was initiated to encourage and assist companies seeking to relocate and/or create new jobs within Deschutes County. To receive a loan, companies must agree to create a specific number ofjobs within a defined period, then maintain this level of employment for an additional set period of time. Agere Pharmaceuticals, Inc. received a business development loan in the amount of$14,000 on December 15,2010 with terms that included adding seven (7) full-time employees on or before March 31, 2012 and maintaining a level of eleven (11) full-time employees through September 17,2013. As certified by Economic Development for Central Oregon (EDCO), Agere Pharmaceuticals, Inc. has met these terms and, in accordance with the agreement, is eligible to have the loan converted to a grant. FISCAL IMPLICATIONS: None. RECOMMENDATION & ACTION REQUESTED: Authorize County Administrator to convert $14,000 business loan made to Agere Pharmaceuticals, Inc. to a grant. ATTENDANCE: Judith Ure, Management Analyst DISTRIBUTION OF DOCUMENTS: N/A DESCHUTES COUNTY Business Development Forgivable Loan Program Loan Recipient: Agere Phannaceuticals, Inc. 62925 NE 18th Bend, OR 97701 541-318-7115 Agreement No.: DC-2010-745 Date of Agreement: December 15, 2010 On behalf of Economic Development for Central Oregon, I hereby certify that Agere Pharmaceuticals, Inc. has met all conditions of the Deschutes County Business Development Forgivable Loan Program as specified in Agreement DC-2010-745 (attached). I further attest that a representative of Economic Development for Central Oregon has reviewed employment and payroll records furnished by Agere Pharmaceuticals, Inc. and that such records confirm that Agere Pharmaceuticals. Inc.: a) Employed a baseline of four (4) full-time employees on September 17,2010, and b) Increased the number of full-time employees by seven (7) for a total of eleven (11) full­ time employees on or before March 31, 2012, and c) Maintained a total of eleven (11) full-time employees over any 12-month period through September 17, 2013, I therefore, request that the Deschutes County Board of Commissioners authorize that the business development loan to Agere Pharmaceuticals, Inc. be converted to a grant in accordance with the terms of the attached agreement. Economic Development for Central Oregon BY:#­ Date: 5""-$-1 '1 Deschutes County Board of Commissioners 1300 NW Wall St., Suite 200, Bend, OR 97701-1960 (541) 388-6570 -Fax (541) 385-3202 -www.deschutes.org AGENDA REQUEST & STAFF REPORT For Board Business Meeting of May 14, 2014 DATE: May 6,2014 FROM: Judith M. Ure Administrative Services 541-330-4627 TITLE OF AGENDA ITEM: Consideration of converting $50,000 business loan made to Buhner Fry, Inc. dba NAVIS to a grant. PUBLIC HEARING ON THIS DATE? No. BACKGROUND AND POLICY IMPLICATIONS: The Deschutes County Business Development Forgivable Loan Program was initiated to encourage and assist companies seeking to relocate and/or create new jobs within Deschutes County. To receive a loan, companies must agree to create a specific number ofjobs within a defined period, then maintain this level of employment for an additional set period of time. Buhner Fry, Inc. received a business development loan in the amount of $50,000 on April 13, 2011 with terms that included adding twenty­ seven (27) full-time employees on or before November 16, 2012 and maintaining a level of ninety-two (92) full-time employees through November 16,2013. As certified by Economic Development for Central Oregon (EDCO), Buhner Fry, Inc. has met these terms and, in accordance with the agreement, is eligible to have the loan converted to a grant. FISCAL IMPLICATIONS: None. RECOMMENDATION & ACTION REQUESTED: Authorize County Administrator to convert $50,000 business loan made to Buhner Fry, Inc. to a grant. ATTENDANCE: Judith Ure, Management Analyst DISTRIBUTION OF DOCUMENTS: N/A DESCHUTES COUNTY Business Development Forgivable Loan Program Loan Recipient: Buhner Fry, Inc. dba NAVIS 389 SW Scalehouse Court, Suite 100 Bend, OR 97701 541-385-5255 Agreement No.: DC-20ll-l3? Date of Agreement: April 13,2011 On behalf of Economic Development for Central Oregon, I hereby certify that Buhner Fry, Inc. has met all conditions of the Deschutes County Business Development Forgivable Loan Program as specified in Agreement DC-2011-13 ? (attached). I further attest that a representative of Economic Development for Central Oregon has reviewed employment and payroll records furnished by Buhner Fry, Inc. and that such records confinn that Buhner Fry, Inc.: a) Employed a baseline of sixty-five (65) full-time employees on November 16,2010, and b) Increased the number of full-time employees by twenty-seven (27) for a total of ninety­ two (92) full-time employees on or before November 16, 2012, and c) Maintained a total of ninety-two (92) full-time employees over any 12-rnonth period through November 16, 2013. I therefore, request that the Deschutes County Board of Commissioners authorize that the business development loan to Bulmer Fry. Inc. be converted to a grant in accordance with the terms of the attached agreement. Economic Development for Central Oregon By. #fA Date: ____~~~~L_______________________ Deschutes County Board of Commissioners 1300 NW Wall St., Suite 200, Bend, OR 97701-1960 (541) 388-6570 -Fax (541) 385-3202 -www.deschutes.org AGENDA REQUEST & STAFF REPORT For Board Business Meeting of May 14, 2014 DATE: May 6,2014 FROM: Judith M. Ure Administrative Services 541-330-4627 TITLE OF AGENDA ITEM: Consideration of converting $12,000 business loan made to Dent Instruments to a grant. PUBLIC HEARING ON THIS DATE? No. BACKGROUND AND POLICY IMPLICATIONS: The Deschutes County Business Development Forgivable Loan Program was initiated to encourage and assist companies seeking to relocate and/or create new jobs within Deschutes County. To receive a loan, companies must agree to create a specific number of jobs within a defined period, then maintain this level of employment for an additional set period of time. Dent Instruments received a business development loan in the amount of $12,000 on April 13, 2011 with terms that included adding six (6) full-time employees on or before November 11,2012 and maintaining a level of twenty-one (21) full­ time employees through November 11,2013. As certified by Economic Development for Central Oregon (ED CO), Dent Instruments has met these terms and, in accordance with the agreement, is eligible to have the loan converted to a grant. FISCAL IMPLICATIONS: None. RECOMMENDATION & ACTION REQUESTED: Authorize County Administrator to convert $12,000 business loan made to Dent Instruments to a grant. ATTENDANCE: Judith Ure, Management Analyst DISTRIBUTION OF DOCUMENTS: N/A DESCHUTES COUNTY Business Development Forgivable Loan Program Loan Recipient: Dent Instruments 64 NW Franklin Street Bend, OR 97701 541-388-4774 Agreement No.: DC-2011-138 Date of Agreement: April 13, 2011 On behalf of Economic Development for Central Oregon, I hereby certifY that Dent Instruments has met all conditions ofthe Deschutes County Business Development Forgivable Loan Program as specified in Agreement DC-2011-138 (attached), I further attest that a representative of Economic Development for Central Oregon has reviewed employment and payroll records furnished by Dent Instruments and that such records confirm that Dent Instnnnents: a) Employed a baseline offtfteen (15) full-time employees on November 11,2010, and b) Increased the number of full-time employees by six (6) for a total of twenty-one (21) full­ time employees on or before November 11,2012, and c) Maintained a total of twenty-one (21) full-time employees over any 12-month period through November 11,2013. I therefore, request that the Deschutes County Board of Commissioners authorize that the business development loan to Dent Instruments be converted to a grant in accordance with the terms ofthe attached agreement. Economic Development for Central Oregon By: ----7"'$"---f---;rt"'---""'----­ D~e: ______________________~__________________ Deschutes County Board of Commissioners 1300 NW Wall St., Suite 200, Bend, OR 97701-1960 (541) 388-6570 -Fax (541) 385-3202 -www.deschutes.org AGENDA REQUEST & STAFF REPORT For Board Business Meeting of May 14, 2014 DATE: May 6,2014 FROM: Judith M. Ure Administrative Services 541-330-4627 TITLE OF AGENDA ITEM: Consideration of converting $33,333.33 portion of business loan made to G.L. Solutions to a grant. PUBLIC HEARING ON THIS DATE? No. BACKGROUND AND POLICY IMPLICATIONS: The Deschutes County Business Development Forgivable Loan Program was initiated to encourage and assist companies seeking to relocate and/or create new jobs within Deschutes County. To receive a loan, companies must agree to create a specific number of jobs within a defined period, then maintain this level of employment for an additional set period of time. G.L. Solutions received a business development loan in the amount of $50,000 on December 29,2010 with terms that included adding thirty-nine (39) full-time employees on or before November 9,2012 and maintaining a level of seventy­ three (73) full-time employees through November 9, 2013. As certified by Economic Development for Central Oregon (EDCO), G.L. Solutions created and maintained twenty-six (26) new full-time jobs by the due dates and repaid a portion of the loan in the amount of$19,515.22 that corresponds with principle and interest related to the thirteen (13) full-time positions agreed to, but not created. In accordance with the agreement, G.L. Solutions is eligible to have the remaining $33,333.33 of the loan converted to a grant. FISCAL IMPLICATIONS: None. RECOMMENDATION & ACTION REQUESTED: Authorize County Administrator to convert $33,333.33 portion of business loan made to G.L. Solutions to a grant. ATTENDANCE: Judith Ure, Management Analyst DISTRIBUTION OF DOCUMENTS: N/A DESCHUTES COUNTY Business Development Forgivable Loan Program Loan Recipient: G.L. Solutions 3020 NW Merchant Way Bend, OR 9770 I 541-312-3662 Agreement No.: DC-2010-749 Date ofAgreement: December 29,2010 On behalf of Economic Development for Central Oregon, I hereby certify that G.L. Solutions has complied with the conditions ofthe Deschutes County Business Development Forgivable Loan Program as specified in Agreement DC-2010-749 (attached). I further attest that a representative of Economic Development for Central Oregon has reviewed employment, payroll, and accounting records furnished by G.L. Solutions and that such records confirm that G.L. Solutions: a) Employed a baseline ofthirty-four (34) full-time employees on November 9,2010, and b) Agreed to increase the number of full-time employees by thirty-nine (39) for a total of seventy-three full-time employees on or before November 9,2012, and b) Actually, increased the number of full-time employees by twenty-six (26) for a total of sixty (60) full-time employees on or before November 9,2012, and c) Maintained a total of sixty (60) full-time employees over any 12-month period through November 9,2013, and d) Repaid a portion of the Deschutes County business development forgivable loan in the amount of$19,515.22 that corresponds with the principle and interest related to the thirteen (13) full-time positions agreed to, but not created. I therefore, request that the Deschutes County Board of Commissioners authorize that the remaining portion of the business development loan to G.L. Solutions be converted to a grant in accordance with the terms of the attached agreement. Date: 5"-19-1'/