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Falls City Council Approves VANTEC Loan Plan

By John Nixon

03/22/2016

(KLZA)-- The Falls City, City Council Monday night discussed a recommendation from the Citizens Advisory Review Committee to forgive half of the $851,000 building loan for VANTEC while extending for another three years the other half of the loan.

Beckie Cromer, EDGE Executive Director explained that VANTEC and EDGE worked out the extension agreement. Vantec presented information on what they believe the company can achieve in job creation and retention. The new thresholds will focus more on hours worked than number of jobs.

VANTEC is operating 24 hours per day at the Falls City plant. While the average number of employees is 15 over the seven years the company has been operating, the amount of hours worked are over and above the original amount agreed upon, even with the employment numbers being less than agreed to.

Cromer said the company is meeting their loan obligations and will be finished paying the loans off in May. She said EDGE feels extending the loan anther three years with the new job requirements will be good for the company and Falls City.

The new agreement calls for the company to add 112,320 hours worked over the next three years, which will more than meet their investment threshold over a longer period of time. If the goals are met for the next three years, the second half of the loan will be forgiven.

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