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<br />~ <br /> <br />.. <br /> <br />Policy Objectives: <br /> <br />1. Retention of head-of-household job and growth of existing business in the <br />community is considered a very high priority economic development policy. <br /> <br />2. The City attempts to anticipate the needs of the growing businesses and help <br />them stay in Roseville and add head-of-household jobs. Studies show it is <br />less expensive to retain existing companies (and jobs) rather than constantly <br />recruiting new ones. In addition, by keeping companies and jobs in place <br />(without vacancies), Roseville keeps the va1ue of its industrial real estate high <br />and creates opportunities in the market for further development or <br />redevelopment to capture growth ITom new companies. <br /> <br />Staff RecoQ).mendations: <br /> <br />1. The staff recommends approval of an Industrial Development Revolving Loan <br />Agreement with Computype and First Bank as consistent with City economic <br />development policy. The Council should authorize the City Manager and <br />staff to complete the negotiated tenns of the agreement, contingent upon First <br />Bank remaining a partner for $450,000 of the loan. <br /> <br />COUDCn Action Requested: <br /> <br />1. Motion to approve an Industrial Development Revolving Loan Agreement in <br />the amoW1t of $700,000 for Computype, Inc. located at 2285 County Road <br />"C"; and to direct the City Manager and City Attorney to complete the loan <br />agreement as per the tenns outlined above and contingent upon participation <br />by First Banks as a loan partner for $450,000 of the loan. <br /> <br />2. Motion to direct City Manager to present final details of the agreement when <br />completed and to direct the City Manager and Mayor to sign the agreement <br />. when completed. <br /> <br />3. Motion to direct City Manager and staff to prepare, at some future date, a <br />presentation on the City and County policies and programs related to <br />Roseville's Industrial Revolving Loans. <br /> <br />Staff Report by: Dennis Welsch <br />