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REQUEST FOR CITY COUNCIL ACTION <br /> DATE: 1 1 /13/2000 <br /> ITEM NO:C_2 <br /> epa ent Approval: ManaW Approval: Agenda Section: <br /> Consent <br /> Iteln Description: Set Public Hearing to Consider Application for funds under the <br /> Minnesota Investment Funds for IC Services PF# 3275 <br /> 1.0 Requested Council Action <br /> City staff is requesting that Council set a public hearing for November 27, 2000 to consider a <br /> request for funds under the Minnesota Investment Fund. A public hearing is required by the local <br /> governing unit when there is a request for the Minnesota Investment Fund, which is administered by <br /> the State Department of Trade and Economic Development gTED). <br /> 2.0 Background <br /> 2.1 The Minnesota Investment Fund is a grant program provided by the Department of Trade <br /> and Economic Development with the specific purposes of creating new and retaining the <br /> highest quality jobs possible on a state wide basis with a focus on industrial, <br /> manufacturing and technology related industries; increasing the local and state tax base <br /> and improving the economic vitality for all Minnesota citizens. <br /> 2.2 Under the program guidelines the local unit of government must make the application for <br /> the funds specifically for a company meets the program criteria. The amount of funds <br /> available is based upon the number of head of household jobs provided over a two year <br /> period. <br /> 2.3 If the application is approved by DTED,the City receives the grant and provides the <br /> funds to the Roseville Company in the form of a loan. The loan payments and interest up <br /> to $100,000 come back to the City to revolve into more business loans. The remaining <br /> payments go back to DTED. <br /> 2.4 IC Services, a Roseville company since 1996 located at 2976 Cleveland Ave N.,provides <br /> water, die, and component-level processing for semiconductor manufacturers and helps <br /> clients market their products faster by functioning as an extension of an internal <br /> production line. IC Services has experienced incredible growth over the past five years <br /> and have currently reached is production capacity. In order to continue is projected <br /> growth and meet it contracts over the next two years, IC Services must expand its <br /> manufacturing facility and purchase additional equipment. <br /> RCA MN Investment Fund Set Hearing- Page 1 of 2 <br />