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<br /> -.-.-- <br /> ~ , <br /> ~ <br /> I CITY OF ARDEN HILLS <br /> ,- MEMORANDUM <br /> DATE: January 2, 1997 <br /> I TO: Mayor and City Council <br /> , FROM: Kevin Ringwald, Community Development Director ~ <br /> SUBJECT: CPI Loan Agreement <br /> , Reauest <br /> , The City Council is requested to approve the Agreement For Loan Of Economic Recovery <br /> Funds / Small Cities Development Program Funds (Exhibit A) with Cardiac Pacemakers <br /> lncorporated (CPI). <br /> , Back!!round <br /> The City received a letter from Governor Arne Carlson on August 12, 1996 informing the City <br /> , that it had received a $300,000 grant from the State of Minnesota to help support the <br /> consolidation and expansion of the CPl facilities in Arden Hills (Exhibit B). As a part of this <br /> grant, the State required the City to provide a forgivable loan to Cpr. The terms of the forgivable <br /> .. loan are three (3) percent for five years with 50 percent of the loan being forgiven on August 12, <br /> 1999 ifCPI has retained 540 jobs and has created 70 jobs. The remainder of the loan will be <br /> forgiven on August 12, 2001 if CPI has continued to retain the 540 jobs and 70 jobs previously <br /> , created. <br /> Recommendation <br /> , Authorize the City Administrator to execute the loan agreement with CPl. <br /> , <br /> , <br /> , <br /> I <br /> , <br /> ,. <br /> , <br />