It appears the city’s gamble is paying off.
The city loaned VistaTek TIF funds for down payment of the building, renovations and to help offset the cost of moving the business from Vadnais Heights to the UFE Building on Greeley Street.
That forgivable loan was tied to job creation, in part, because as Community Development Director Bill Turnblad said at the time, that’s what manufacturing is all about.
VistaTek came to town last spring with 25 full-time equivalent employees.
The city’s hope was that by the end of 2014, VistaTek would have 28 full-time equivalent jobs, and by the end of 2015 increase that to 35 full-time jobs.
Well, VistaTek currently employs 36 full-time equivalent workers.
“They’ve exceeded goal,” Turnblad said. “We hope they continue to be successful…They’re doing well, and that’s a good thing.”
The city estimates that each job bring about $8,240 into the community annually.
Last year, VistaTek Managing Director Dan Mishek told the council the employment numbers tied to the loan were on the low side of what the city could expected of Vista Tek, and it appears he was right.
“My goal is to have 50, 60, 70, 100 employees,” he said last February.“That’s the goal of doing this — and this is the prefect building to do that. It was made for making plastic parts.”
Source: http://www.stillwatercurrent.com
No comments:
Post a Comment