Laserfiche WebLink
<br />. ' <br /> <br />5 <br /> <br />the loan. With a framework in place to protect the City's interests, the team turned its <br /> <br />attention to the City Council approval process and documentation of the agreement. <br /> <br />City officials made good on their promise to be responsive. City Manager Sarkozy and <br /> <br /> <br />Community Development Director Welsch worked with the City Council to spearhead the <br /> <br /> <br />debate and approval process. City Finance Director Ed Burrell addressed negotiation of <br /> <br /> <br />terms, financial analysis, and overall underwriting. The negotiated terms provide fixed <br /> <br /> <br />interest rate substantially below the prime rate for the company but at a favorable rate of <br /> <br /> <br />return to the City, as well. A joint loan administration approach was devised to avoid <br /> <br /> <br />duplication of effort between the City and First Banlc liThe team from Roseville was both <br /> <br /> <br />thorough and efficient. By making progress on several matters at once, Roseville was able <br /> <br /> <br />to address its issues, negotiate, and approve a conceptual commitment in less than 60 days," <br /> <br /> <br />noted Hauschild. <br /> <br />The City was able to complete its due diligence without requiring public disclosure of <br /> <br /> <br />Computype's financial records or business strategies. And the City extended one additional <br /> <br /> <br />carrot: The finalized arrangement provides Computype the potential for partial forgiveness <br /> <br /> <br />of the loan if it meets future growth milestones for employment and square footage within <br /> <br /> <br />Roseville. With sincere interest and serious negotiation, the City of Roseville retained the <br /> <br /> <br />job base of a company that had been born and reared within its boundaries. <br />