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<br />. <br /> <br />. <br /> <br />. <br /> <br />ARDEN HILLS CITY COUNCIL - JANUARY 2.1997 <br /> <br />9 <br /> <br />forgivable loan are three (3) percent for five years with 50 percent of the loan being forgiven on <br />August 12, 1999 ifCPI has retained 540 jobs and has created 70 jobs, The remainder of the loan <br />will be forgiven on August 12, 2001 ifCPI has continued to retain the 540 jobs and 70 jobs <br />previously created, <br /> <br />Councilmember Malone confirmed there are no payments made to the City unless CPI defaults, <br /> <br />Mr. Ringwald stated this is correct for this loan, He noted this is typically not the procedure with <br />these types of loans, <br /> <br />Mr. Fritsinger explained Staff is currently working with the State for an additional $300,000 <br />Phase II grant to Cpr. Staff is attempting to negotiate with the State the ability to obtain a <br />portion of those funds for City economic development purposes, <br /> <br />Councilmember Hicks noted the grant afforded the City the opportunity to retain a healthy <br />business in the community, <br /> <br />MOTION: <br /> <br />Hicks moved and Keim seconded a motion to authorize the City Administrator to <br />execute the loan agreement with Cardiac Pacemakers Incorporated, The motion <br />carried unanimously (5-0), <br /> <br />K. <br /> <br />Ma Ma D's Wine License Application <br /> <br />Mr. Fritsinger advised the City Council is asked to consider the approval of a wine and malt <br />liquor license for Ma Ma D's Restaurant, which is opening on January 6, 1997, at Arden Plaza, <br />They had requested an on-sale wine and beer license but when told they would need a full on- <br />sale license, the applicant elected to pass on the wine license, The applicant has submitted all <br />documentation required as part of this application, Attorney Filla has reviewed these items and <br />found everything to be in order. Background checks were conducted by tlle Sheriff and no items <br />of concern were identified, Staff is still waiting to receive the insurance documentation, Mr. <br />Fritsinger stated he had spoken with the insurance agent today and he has confirmed all <br />insurance is in place, <br /> <br />Mr. Fritsinger requested Council approval of the wine and malt liquor license for Ma Ma D's <br />restaurant subject to receipt of insurance documentation by the City of Arden Hills, <br /> <br />MOTION: <br /> <br />Hicks moved and Aplikowski seconded a motion to approve a wine and malt <br />liquor license for Ma Ma D's restaurant at 3551 Lexington Avenue subject to <br />receipt of the insurance documentation by the City of Arden Hills, The motion <br />carried unanimously (5-0), <br />