Port Authority



The Winona Port Authority Thursday will be asked to approve a $75,000 loan to Cytec Engineered Materials to help the Winona company with its proposed expansion plans.
             
The loan is being recommended by the Authority's Revolving Loan Fund Committee.
  
If approved, it will be in addition to a proposed $500,000 loan from the Minnesota Department of Employment and Economic Development. An application for that loan was approved by the City Council.

Cytec is planning a $12,400,000 expansion project at its current location that it says will result in 60-to-70 new jobs.

Under the Port's proposed Business Assistance Agreement, 50-thousand dollars of the 75-thousand dollar loan may be deferred if  actually creates a minimum of 60 new jobs within two years.

Thursday's meeting is at 4:00 p.m. at City Hall and it is open to the public.....             
 

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