(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.
© Many Signals Communications
MOST VIEWED STORIES
Effingham woman killed Friday in Atchison wreck
One hospitalized, one jailed, after Atchison attack
Atchison man involved in fatal NW MO crash
One injured in Nemaha Co wreck
Wetmore man arrested on child sex-related charge
Walnut Township Treasurer removed; votes unofficial until canvass
Rural Horton man arrested on multiple drug charges
Street lights to be discussed at Monday city meeting
Meteorologist Spencer: Geometric Watch means electronic disruptions
Two file to challenge local legislator
USD 430 Board accepts resignations, approves new hires
TX man to stand trial on charges in fatal Jackson Co crash
Local judge files for re-election
Atchison in running for national fireworks honors
Truck fire at CGB facility in Falls City
BC's Pate remembered by students, college family
Bridge work begins Wed in Doniphan Co
LATEST STORIES
U.S. 36 work in Doniphan Co to impact motorists
Senator Ricketts staff to visit Falls City and Auburn
Richardson County Sheriff provides updates to Commissioners
Services set for Effingham woman killed in crash
Marshall Co Commissioner files for re-election
Contested races in Tuesday Primary Election in Nebraska
One hospitalized, one jailed, after Atchison attack