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1999_0125_packet
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1999_0125_packet
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The City portion of the loan is not assumable upon the sale of the business. <br /> A City application must be completed. In addition,a scope of work with <br /> construction bids must be submitted prior to the issuance of the loan. The City <br /> will conduct final inspections to ensure that the work was completed as noted <br /> in the application and scope of work. <br /> 3.5 The City will not allow the use of their loan funds for the following improvements and <br /> business activities. <br /> Refinancing of existing debt <br /> Non-wed improvements <br /> Working capital <br /> Inventory <br /> Sweat equity <br /> Nonprofit organizations and institutions <br /> Real estate investment and speculative activities <br /> Lorne based businesses <br /> Pyramid sales plans <br /> Illegal and gambling activities <br /> Academic schools <br /> 4.0 Fiscal Impact <br /> 4.1 The first year funding for the Small Business Revolving Loan Program is proposed from <br /> the Tax Increment Project Fund in the amount of$100}000. This amount would allow <br /> the City to issue a minimum of four loans. The legal authority to use these funds for <br /> this program is under MN Statute Section 469.184}programs for Municipal <br /> Commercial Rehabilitation. <br /> 5.0 Staff Recommendation <br /> 5.1 Staff recommends the approval of the program for 1999 as proposed with initial <br /> funding of$100,000. The program guidelines and legal agreements need to be reviewed <br /> by the City Attorney and any recommended modifications made.The program,if <br /> approved,will be marketed by the City and the Roseville banking community. Annual <br /> evaluation of the program is suggested. <br /> 6.0 Suggested Council Adion <br /> 6.1 By motion, approve the establishment of the Roseville Small Business Revolving Loam <br /> Fund as proposed with 1999 funding in the amount of$100,000 from the Tax <br /> Increment Project Fund and after final review and approval by the City Attorney. <br /> Attachments: Draft Program Guidelines,Participation Agreement}Application and Scope of work <br /> Prepared by: Cathy Bennett(490-2241) <br /> Q\Economic Development�Business Retention Programs\small business lean RCA.dne <br /> RCA- Small Business Loan 01/25/99- Page 3 of <br />
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