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installing sidewalks and additional landscaping in the public right of way. Such guidelines are being considered by adjoining property owners. 2.5 As part of the Metropolitan Council's Livable Communities Grant for the implementation of the Cornerstone Program, $150,000 was budgeted for landscape and sidewalk improvements in the public right of way to encourage pedestrian traffic and provide an appealing buffer between the roadway and the corner properties. $50,000 of the $150,000 is designated for each of the three comers identified under the Program. These funds are intended to be provided as a grant to comer property owners for implementing Cornerstone public improvements. 5.0 PROPOSED FINANCE PLAN 3.1 Mr. Johnson has requested financial assistance from the City to enable completion of the improvements as required by the City Council as part of the variance for building expansion. 3.2 The assistance would be structured as follows: (summarized on attached sources and uses) 3.2.1 City loan from the Small Business Revolving Loan Program as approved by Council on January 25, 1999 in the amount of $25,000. Staff is working with Mr. Johnson and his bank to complete the agreements as part of the loan which will be reviewed and approved by the City Manager. The loan would be at 2 percent interest matched by a bank loan with an adjustable rate of prime plus 1 percent for five years. The City's portion of the loan would pay for landscaping improvements, drainage, trash enclosure and part of the p g lot improvements. 3.2.2 Cornerstone Grant in the amount of , 0 to pay for boulevard landscaping and sidewalks along Lexington and Roselawn. The grant would come from the Livable Communities Grant fund of which $50,000 is available for public improvements in the right of way at each Cornerstone intersection. 4.0 FISCAL IMP ACT ON THE CITY 4.1 Per the financial assistance plan outlined in section 3.2 the City would provide $25,000 of the $100,000 set aside for the Roseville Small Business Loan Program for 1999. The program is funded by the Tax Increment Project Fund and is an eligible use of these funds per the tax increment plan modification adopted in December 1996. The loan would be paid back to the City over 5 years at 2 percent interest and would be put back into the Program to finance additio small business loans. 4.2 The grant request of$l ,50 ould have minimal fiscal impact to the City since the funds ar~ covered by the Me olitan Council's Livable Communities Grant awarded in 1996 to the City for the implementation of Cornerstone. PF#3029 - RCA (02/8/99) - Page 20f3