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Using the recent contract cancellation case of Hytec/Imtec as an example, Los Alamos Commerce and Development Corporation Executive Director Kevin Holsapple said that the county comes out ahead in its loan program.
“Los Alamos County loaned the company roughly $2 million a year ago and instead of gaining 1.5 percent interest or $30,000, it is getting more than 6 percent interest or $120,000,” he said.
The county council terminated its 2006 contract with Hytec LLC, Imtec Real Estate LLC and 3M Imtec Corporation Tuesday.
The company announced last March that all related business operations in Los Alamos County would close and all jobs would be eliminated, which put the company in default of its contract terms with the county.
“It’s so important for people to gain an understanding of the history, intent and source of funding of the county’s Economic Development Financial Assistance Program,” Holsapple said. “This has been a good program and I encourage a true assessment of the costs and benefits be conducted, which I believe will reveal just how good it really has been. Even with the Hytec/Imtec deal – there’s been a $4 million investment made in this community.”
In the last several years, the LACDC has assisted several businesses with their economic analysis plans.
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