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Time has run out for 3M IMTEC.
On Tuesday night County Councilors terminated the economic development project for Hytec LLC, Imtec Real Estate LLC and 3M Imtec Corporation.
The vote scuttled a deal in which the county, in 2007, entered into a loan agreement and promissory note with Hytec Inc. for $2.4 million under the county’s Small Business Financial Assistance Program.
The loan was to be used to build a 20,000-square-foot building. So far, $2,032,475 has been disbursed and $496,581 has been held back pending a certificate of occupancy.
County Administrator Anthony Mortillaro said he and Assistant County Attorney C. Brian James met with Imtec and 3M recently and were anticipating some sort of proposal would materialize by Tuesday, but it did not.
Mortillaro added that there has been no communication from 3M acknowledging the default.
After a 30-day period, the county legal department will begin the collection process to collect over $2 million, plus the value of jobs and gross receipts, as well as other provisions such as attorney fees and the cost of litigation
associated with the collection.
County Attorney Mary McInerny said that settling the debt is also an option.
Jean Moore, a representative from Sutin Thayer & Browne based in
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