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liens, judgments, court actions, and filings with state, federal and other regulatory agencies were identified. Northern Brewers is looking to receive a seven -year $247,000 low interest loan to Northern Brewer, LLC with an interest rate of I% and no- payments for the first 2 -years to allow them to transition into their new location. As with other funds received from DEED, the City needs to be the official applicant for access to the funds. The loan will officially be awarded to the City, who will then loan them directly to Northern Brewer. The I% interest rate the City will charge Northern Brewer will cover our nominal costs in administering the loan. The loan will assist Northern Brewers to purchase equipment for their expanded operations. POLICY OBJECTIVE Assisting businesses expansion is identified in the Roseville Comprehensive Plan Goal 7.2 to Enhance opportunuities for business expansion Section In addition, this loan will allow for the creation of family - supporting jobs, consistent with Goal 7.4 encouragin reinvestment to provide living wage job opportunities. Imagine Roseville 2025 also promotes efforts to enhance the City's diverse business community. BUDGET IMPLICATIONS There will not be a direct financial impact to the City. The loan funds will be received from the State of Minnesota. Costs for administering the loan will be covered by the I% interest rate charged to Northern Brewers. STAFF RECOMMENDATION Staff recommends adoption of a resolution authorizing the City Manager to apply for a loan from the Minnesota Investment Fund. 58 REQUESTED COUNCIL ACTION 59 Motion to adopt a resolution to authorize the City Manager to apply for a loan from the 60 Minnesota Investment Fund to assist Northern Brewer LLC. Prepared by: Patrick Trudgeon, Interim City Manager (651) 792 -7021 Attachments: A: Site Location Map B: DEED Minnesota Investment Fund Loan Application C: Resolution Authorizing Application Page 2 of 2