Faribault and Rice County Provide Business Subsidy for Trystar
The Faribault City Council and Rice County Board of Commissioners held a joint meeting virtually last evening. Mayor Kevin Voracek says the meeting went well but did take a little longer with people hooked into the meeting from different locations.
The City Council did extend the local emergency declaration indefinitely due to the COVID-19 pandemic. Voracek explained future action will be required by the Council to discontinue the local emergency declaration,
Showing confidence there will be a time when the pandemic is a event in the past the Faribault City Council and Rice County Board of Commissioners passed resolutions approving tax abatement and business subsidy for Trystar Custom Cable and Power Solutions of Faribault.
Voracek told KDHL the total package was for approximately a half million dollars. He explained Trystar had outgrown it's building and was working out of multiple buildings which brought cost inefficiency to the company. He said Trystar was looking to move to a city that could provide one building.
Through negotiations with Met-Con Companies of Faribault, Rice County and Trystar they were able to put a package together that should keep the company in the Faribault Industrial Park for years to come.
The Faribault Mayor says it keeps, "About 180 full time jobs plus depending on the season another 50 part time jobs that are good paying, solid income jobs."
Voracek says the local Economic Development Authority was able to provide a $100,000 forgivable loan after 20 years.
The contract with Trystar states, "In no year shall tax abatement exceed $200,000" and no subsidy payment, "To the developer (Trystar) shall be over $260,040.00."