Laserfiche WebLink
<br />- <br />~ <br /> <br />RAMSEY COUNTY <br /> <br />TO: <br /> <br />FROM: <br /> <br />DATE: <br /> <br />SUBJECT: <br /> <br />Office of the County Manager <br />Paul L. Kirkwold, Acting County Manager <br /> <br />250 Court House <br />15 West Kellogg Boulevard <br />St. Paul, MN 55102-1614 <br /> <br />Tel: 651-266-8000 <br />Fax: 651-266-8039 <br />e-mail: www.co.ramsey.mn.us <br /> <br />MEMORANDUM <br /> <br />City of Roseville <br />Attention: Cathy Bennett <br /> <br />Judy A. Karon, Director ~ q ~~ <br />Community and Economic ~~elo;me~1 <br /> <br />November 18, 1999 <br /> <br />Ramsey County Business Loan Program <br /> <br />Pursuant to our phone conversation today, I am happy to update you on the current status of the <br />Ramsey County Business Loan Program. <br /> <br />There are funds available at this time for loans up to $250,000 for acquisition of land, buildings, <br />and equipment. While each loan applicant request is subject to review by our Loan Review <br />Committee, the following general conditions apply. <br /> <br />1. A current appraisal by a certified commercial appraiser must be made <br />available to the County when land and/or building assistance is requested. <br /> <br />2. A minimum of two bids must be provided to the County, or a written <br />explanation submitted indicating why a sole source vendor must be the <br />provider when equipment is requested. <br /> <br />3. A minimum of five jobs must be created, with at least 51 % or more of the <br />jobs created made available to low and moderate income persons. <br /> <br />4. Terms, with respect to interest rate (generally at prime or one or two percent <br />below prime, if needed), and length of the loan are negotiable depending <br />upon needs of the business and the public purpose for the loan. <br /> <br />5. There isa $250 application fee. All appraisal, legal, and financial costs <br />incurred by the borrower must be assumed by the borrower. The County's <br />legal and underwriting costs that exceed the application fee are assumed by <br />the County. <br /> <br />(over) <br /> <br />Minnesota's FilJst Home Rule County <br /> <br />printed on recycled paper with a minimum of 10% post-consumer content <br /> <br />("'l..~..~t") <br />