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., REQUEST FOR COUNCIL ACTION DATE: 10-10-94 ITEM NO.: Department Approval: W '! r~"" Manager Reviewed: ~~ Agenda Section: Report and Recommendation Item Description: Computype Revolving Loan Agreement. B.a.clq:round: 1. The City of Roseville has been approached by one of the community1s faster growing companies, requesting assistance in the form of an Industrial Development Revolving Loan. Computype's main plant and headquarters is located at 2285 W. County Road "C" and has nearly 100 employees in their 55,000 sq. ft. leased building. The company designs, makes, and services precision identification products such as bar coding and labeling in the United States and Europe. At this time, the company is not interested in owning a building. 2. In the past few months, Computype has had to decide whether to renovate their leased site and add 20,000 sq. ft. on the existing site (and 20 to 50 new jobs) or move to a new leased location in a northern suburb (the median wage at Computype is $16.00). In addition, Computype will need to add another made-to-order piece of coating machinery to serve their continued growth. 3. The City staff has met with Computype Chief Operating Officer Rick Huntsinger and their real estate and financial consultants. First Bank and the City staff have reviewed the financials of the company and find the loan supportable by current income. First Bank of St. Paul has provided Computype's credit l~e since 1987. The City staff and First Banks have assembled a loan package to help keep the company in the current Roseville location and expand at that site. An approval of the loan agreement is necessary at this time in order for Computype to plan their orderly expansion. 4. An Industrial Development Revolving Loan has been used in the past, either by the City alone or in coordination with Ramsey County.