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2013_1125_packet
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liens, judgments, court actions, and filings with state, federal and other regulatory agencies were <br />identified. <br />Northern Brewers is looking to receive a seven -year $247,000 low interest loan to Northern <br />Brewer, LLC with an interest rate of I% and no- payments for the first 2 -years to allow them to <br />transition into their new location. As with other funds received from DEED, the City needs to be <br />the official applicant for access to the funds. The loan will officially be awarded to the City, who <br />will then loan them directly to Northern Brewer. The I% interest rate the City will charge <br />Northern Brewer will cover our nominal costs in administering the loan. The loan will assist <br />Northern Brewers to purchase equipment for their expanded operations. <br />POLICY OBJECTIVE <br />Assisting businesses expansion is identified in the Roseville Comprehensive Plan Goal 7.2 to <br />Enhance opportunuities for business expansion Section <br />In addition, this loan will allow for the creation of family - supporting jobs, consistent with Goal <br />7.4 encouragin reinvestment to provide living wage job opportunities. <br />Imagine Roseville 2025 also promotes efforts to enhance the City's diverse business community. <br />BUDGET IMPLICATIONS <br />There will not be a direct financial impact to the City. The loan funds will be received from the <br />State of Minnesota. Costs for administering the loan will be covered by the I% interest rate <br />charged to Northern Brewers. <br />STAFF RECOMMENDATION <br />Staff recommends adoption of a resolution authorizing the City Manager to apply for a loan from <br />the Minnesota Investment Fund. <br />58 REQUESTED COUNCIL ACTION <br />59 Motion to adopt a resolution to authorize the City Manager to apply for a loan from the <br />60 Minnesota Investment Fund to assist Northern Brewer LLC. <br />Prepared by: Patrick Trudgeon, Interim City Manager (651) 792 -7021 <br />Attachments: A: Site Location Map <br />B: DEED Minnesota Investment Fund Loan Application <br />C: Resolution Authorizing Application <br />Page 2 of 2 <br />
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