Laserfiche WebLink
<br />hlJL-~C-~/d6 <br /> <br />- <br />~ <br /> <br />RAMSEY COUN1Y <br /> <br />Office of the County Manager <br />Paul L. Kirkwold, 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 />July 26, 2001 <br /> <br />John Wittek <br />Allison-Williams Company <br />333 South Seventh Street - Suite 3000 <br />Minneapolis, Minnesota 55402 <br /> <br />Re: I C Services <br /> <br />Dear Mr. Wittek: <br /> <br />Pursuant to our phone conversation, we are providing you with the following <br />information about our Business Loan Program as it relates to I C Services. <br /> <br />This company made application for a loan in the amount of $300,000 in <br />November, 2000. They were referred to our program by the City of Roseville. <br /> <br />In reviewing the application, we met with the Minnesota Department of Trade and <br />Economic Development, who is expected to be the primary lender through the <br />Minnesota Agriculture and Economic Development Board. This meeting, and <br />subsequent ones with the company and the other potential subordinate lenders - <br />the City of Roseville and St. Paul Progress Fund, resulted in the understanding <br />that Ramsey County would place the application on hold until the matter of the <br />$1.0 million of equity infusion was resolved. <br /> <br />When that occurs, we would be prepared to bring this matter to our Loan Review <br />Committee. General terms usually include: a) a loan that would have an interest <br />rate at prime, or up to two points below prime; b) up to ten years, depending <br />upon the length of life of the equipment which is being financed by our loan; c) <br />personal guarantee by the principal owner(s); and, in this instance, d) a <br />subordinated position to the primary lender. <br /> <br />We are also enclosing a copy of our Business Loan Brochure that provides other <br />general requirements of our program. <br /> <br />MiDnesota's First Home Rule County <br /> <br />printed on recycled paper wilh a minimum of J 0% posl.consumer rontenl <br /> <br />~I <br />