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CCP 12-08-2003
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CCP 12-08-2003
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<br />. <br /> <br />~ <br />/]'\~ HILLS <br /> <br />Request of City Council Action <br /> <br />Agenda Item #: <br />Council Meeting Date: <br />Prepared By: <br />Originating Department: <br /> <br />Staff Author: <br />Budgeted Amount: <br />Actual Amount: <br />Final Action Needed By: <br /> <br />6.B. <br />December 8. 2003 <br />AP <br />CD .() <br />AP J+I <br /> <br />Deeember 8. 2003 <br /> <br />Council Action Request: <br /> <br />Consider motion authorizing staff to prepare the Minnesota investment Fund grant application and set a public <br />hearing on the application for January 12, 2004 at 7:00 p.m. <br /> <br />Staff Recommendation: <br /> <br />Approve a motion authorizing staff to prepare the Minnesota Investment Fund grant application and set a public <br />hearing on theaffPlicationforJanuary 12, 2004 at 7:00p.m. <br /> <br />Advisory Commission Action: <br /> <br />o Planning Date <br />o PTRC Date <br /> <br />Action: <br />Action: <br /> <br />OReviewed <br />OReviewed <br /> <br />OApproved <br />OApproved <br /> <br />ODenied <br />ODenied <br /> <br />Supporting Documents: <br /> <br />. <br /> <br />o MemofLetter: <br /> <br />o Resolution (No. ) <br />o Ordioance (N iJ. ) <br />o Engineering Recommendation: <br /> <br />o Attorney Recommendation: <br /> <br />[g] Other: <br />1. Minnesota Investment Fund Program Summary <br /> <br />Financial Implications / Staff Comments: <br /> <br />As afollow up to their financial assistance request last summer, staffhas been talking with Guidan! and the <br />Department of Employment and Economic Development (DEED) on a possible Minnesota investment Fund <br />application. This is the same program that the City accessed on Guidant's behalf a few years back DEED has <br />indicated that approximately $150,000 could be made available. Generally, the program provides a low interest <br />loan to a company with half of the loan repayments going back to capitalize a local revolving loan fund and half of <br />the funds going back to DEED. In this particular instance, DEED and Guidant have requested that the City waive <br />its portion and make itforgivable to Guidant. This has been done in other jurisdictions_ For this particular meeting, <br />all that is currently being requested is authorization for staff to prepare the application and to set the public hearing <br />consistent with Minnesota Investment Fund program requirements. A synopsis of the Minnesota Investment Fund <br />. program is attachedfor the Council's benefit. <br /> <br />Administration Comments: <br /> <br />N/A <br />
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