CCP 01-12-2004 - Laserfiche WebLink

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~ ~ EN HILLS . MEMORANDUM DATE: January 8, 2004 Agenda Item 5.E. TO: FROM: Mayor and Council Michelle Wolfe, City Administrator Aaron Parrish, Director of Community Development/Asst. City Admin. ~ SUBJECT: Guidant Minnesota Investment Fund Grant Application Overview As a follow up to their financial assistance request last summer, staff has been talking with Guidant and the Department of Employment and Economic Development (DEED) regarding a Minnesota Investment Fund grant application. This is the same program that the City accessed on Guidant's behalf a few years back. DEED has indicated that approximately $250,000 could be made available. . Generally, the program provides a low interest loan to a company with half of the loan repayments going back to capitalize a local revolving loan fund and half of the funds going back to DEED. In this particular instance, DEED and Guidant have requested that the City waive its portion and make it forgivable to Guidant. This has been done in other jurisdictions. At this point, the grant application is substantially complete with the exception of a few minor items. The application requires some type of credit evaluation to take place. Staff certainly isn't concerned about Guidant's credit worthiness, but it is an application requirement. As the resolution indicates, this will be done prior to the submission of the application to DEED. In addition, the sources and uses of funds outlined on page S-15 need to be updated to reflect the total campus expansion as opposed to the machinery and equipment proposed to be financed as part of the grant application. Finally, a copy of the City's revolving loan fund policies adopted in conjunction with the last application on Guidant's behalf also need to be attached to the document. N:\Misc Files\Guidant\2004 Minnesota lnvestment Fund App\1-8-03 City Council Memo.doc .