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CITY OF CENTERVILLE <br />REQUEST FOR ACTION <br />Agenda Item # Department: Requested Council Meeting Date: <br />June19,2019 <br />Administration <br />VIII.1 <br />TITLE OF ISSUE: <br />ApprovalofCentervilleEDARevolvingLoanandGrantProgram <br />BACKGROUND AND SUPPLEMENTAL INFORMATION: Staffisrequestingapprovaloftheattached <br />RevolvingLoanandGrantProgram.AversionofthisdocumenthasbeensuccessfullyusedinWhiteBearLake <br />formanyyears.Theprogramessentiallyallowsbusinessestoqualifyforupto$20,000foraloanfromtheEDA <br />ataninterestrateof2%.Theloanproceedsmaybeusedtoremodeltheirpropertytobecomemorefunctional <br />inconjunctionwithamatchingloanatmarketratefromaparticipatinglenderthatmaybeusedforother <br />purposesasspelledoutinthedocument.Thisalsoincludesagrantprogramofupto$5,000tomakeexterior <br />andsignageimprovementstoimprovethevisualaspectsoftheirbuilding.Weaskthememberstocarefully <br />reviewthedocumentandsuggestimprovementsoramendmentstotailorittomeetCityofCenterville <br />objectives. <br />COST AND SOURCE(S) OF FUNDING: <br />RevolvingloanfundsmaycomefromAnokaCountyEDAfunds.Grantfundsfrom$20,000EDAbudget. <br />REQUESTED COUNCIL ACTION: <br />StaffrecommendsthattheEconomicDevelopmentAuthorityapprove <br />theattacheddocument <br />toproceedwithnecessarystepstotheprogram. <br />For ClerkÓs Use: <br />SUPPORTED DOCUMENTS ATTACHED <br />Motion By: ____________________________________ <br /> Resolution Ordinance Contract Minutes Plan Map <br />Second By: ____________________________________ <br />Vote Record: Aye Nay <br />Other (specify) ___________ <br />_____ <br />_____ <br />Programdocuments <br />_______________________________________________________________ <br />_____ <br />____________________________________________________________________ <br />Administration Department Use: <br />Refer to: _________________________________ <br />Consent <br /> Tabled Until: ______________________________ <br /> Regular <br /> Other: ___________________________________ <br />2 <br /> <br />