1999-04-13 Job Creation
04/29/99 11:47 FAX 6126854003
1ST NATL BANK CS
llJOOl
To: The City of Albertville
Attention; Linda Goeb, City Clerk
From: GEM Development Company LLC.
Regarding addendum to application for a loan itom the City of Albertville Revolving
Loan Fund dated Apri113, 1999.
Dear Linda,
In accordance with the guidelines set forth by the Minnesota Department of Trade and
Economic Development regarding the establishment of wage levels and job creation
goals. Land of Lakes Stone Company intends to create at least six new jobs within our
first tlNo years in operation. The wage level fOT these new jobs will be at least $13.00 per
hour exclusive of benefits. We also intend on offering medical, dental and retirement
benefits to our emplo)-ees.
In regard to need for the funding we requested, the project is approximately $300,000.00
over our original projected budget. This has created several gaps in financing where a
low interest lOaD. of this nature would help insure the su.ccessful completion of the
project. We would use the $75,000.00 from the revolving loan fund to help rmance
equipment needed for production in the stone company. The equipment we intend on
purchasing is the most modem available in the industry and requires skilled operators to
run it. This fact helps to create job security with in our company and insures that our
wage lev~ls will remain well above the minimum. standards established by DTED.
Thank you fOT your consideration in this matter. If there are any further questions, please
feel free to contact me at any time.
Respectfully Submitted April 29, 1999
t~ t {J:k::
Eric E. Dudlev
Vice President, GEM velopment Company LLC.