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.