Negotiations with IMTEC conclude

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By Special to the Monitor

Los Alamos County officials announced today that the county has successfully concluded negotiations with IMTEC on the payment of the principal and interest owed to the county for a small business loan, keeping approximately $2.1 million in economic development loan funds.

“I am pleased with the outcome of the negotiations,” said County Administrator Anthony Mortillaro. “These loan funds are a critical part of our business development plans, and we worked in good faith for the last three years to support IMTEC in their venture because it would have brought jobs to Los Alamos.

While it is unfortunate that 3M decided to pull operations out of Los Alamos, which resulted in a default condition with the loan, our economic development assistance programs will not be impacted as a result of their actions.

The termination clause in the agreement was very clear about default and re-payment of the loan, with interest.”

The county loaned Hytec, Inc $2.4 million in March 2007 under the county’s Small Business Financial Assistance Program.

The county had disbursed nearly that entire loan amount — over $2 million — for the construction of a 20,000 square foot manufacturing building just west of DeColores Restaurant on NM 502.

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