1999-06-11 Project Support for Completion
5975 Main Avenue N.E.
P.O. Box 9
Albertville, MN 55301
(612) 497-3384
Fax: (612) 497-3210
June 11, 1999
Allan Beilke
Central Minnesota Initiative Fund
70 South East First Avenue
Little Falls, MN 56345
Dear Mr. Beilke:
This letter will confirm that the City of Albertville is actively working with Gem
Development Company to locate the Land of Lakes Stone Company's operations
in Albertville. To date, the City has approved a rezoning, a fmal plat and a site
plan for this property. The City has also established a TIF District on this site to
assist Gem Development Company in financing this development, and has agreed
to loan Gem Development/Land of Lakes Stone $75,000 from the City's revolving
loan fund at reduced interest rates to assist in the startup of the company.
As can be seen from the City's participation in this project, the City fully supports
the efforts of Gem Development/Land of Lakes Stone to establish a processing
facility in Albertville. The City believes that this project will have a significant
impact upon the City's tax base and will diversify and increase the employment
opportunities of its residents. The City believes that this development proposal is a
project very worthy of public funding assistance. The City strongly encourages
the Central Minnesota Initiative Fund to provide to Gem Development/Land of
Lakes Stone Company whatever fmancial assistance may be available.
The City is anxious to see this project constructed and fully operational. Please
feel free to contact me if you have any questions regarding this matter. Thank
you.
~~
Linda Goeb
City Administrator