(KNSI) – Two measures passed out of the St. Cloud City Council unanimously on Monday, including a lease at the airport and grants for an east side manufacturer.
Advanced Interconnect Technologies is applying for two state awards to expand its headquarters, hire new workers, and purchase equipment. The company will get $125,000 from the Minnesota Investment Fund in the form of a forgivable loan that passes through the city to facilitate buying $2.5 million in advanced precision machining equipment.
A $175,000 grant from the Minnesota Job Creation Fund is awarded directly by the state to AIT and will aid the company as it expands its Franklin Avenue building. The addition of at least 5,000 square feet will lead to new jobs with a $36/hour starting salary.
The city already owns a hangar at the airport but a new lease will include an area around it and ramp space for equipment storage. Office space is also part of the agreement. The police department will use the facility for K9 and Special Operations training, plus classrooms and other requirements.
The lease term is 15 years with an option for another five. Payments will be made annually by January 5th at the latest. The lease starts at just under $8,230 for the first year and increases by 3% for the length of the contract.
___
Copyright 2023 Leighton Enterprises, Inc. All rights reserved. This material may not be broadcast, published, redistributed, or rewritten, in any way without consent.
FOLLOW US FOR INSTANT UPDATES!
FOLLOW US FOR INSTANT UPDATES!