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<br />,:,d <br /> <br /> <br />Manager Approval: <br />f <br /> <br />Set Public Hearing to Consider Application for funds under the <br />Minnesota Investment Funds for IC Services PF=#= 3275 <br /> <br />REQUEST FOR CITY COUNCIL ACTION <br />DATE: 11/13/2000 <br />ITEM NO:C-2 <br />Agenda Section: <br />Consent <br /> <br />1.0 Requested Council Action <br /> <br />.:11 <br /> <br />City staff is requesting that Council set a public hearing for November 27, 2000 to consider a <br />request for funds under the Minnesota Investment Fund. A public hearing is required by the local <br />governing unit when there is a request for the Minnesota Investment Fund, which is administered by <br />the State Department of Trade and Economic Development (DTED). <br /> <br />2.0 Background <br /> <br />2.1 The Minnesota Investment Fund is a grant program provided by the Department of Trade <br />and Economic Development with the specific purposes of creating new and retaining the <br />highest quality jobs possible on a state wide basis with a focus on industrial, <br />manufacturing and technology related industries; increasing the local and state tax base <br />and improving the economic vitality for all Minnesota citizens. <br /> <br />2.2 Under the program guidelines the local unit of government must make the application for <br />the funds specifically for a company meets the program criteria. The amount of funds <br />available is based upon the number of head of household jobs provided over a two year <br />period. <br /> <br />2.3 If the application is approved by DTED, the City receives the grant and provides the <br />funds to the Roseville Company in the form of a loan. The loan payments and interest up <br />to $100,000 come back to the City to revolve into more business loans. The remaining <br />payments go back to DTED. <br /> <br />2.4 IC Services, a Roseville company since 1996 located at 2976 Cleveland Ave N., provides <br />water, die, and component-level processing for semiconductor manufacturers and helps <br />clients market their products faster by functioning as an extension of an internal <br />production line. IC Services has experienced incredible growth over the past five years <br />and have currently reached is production capacity. In order to continue is projected <br />growth and meet it contracts over the next two years, IC Services must expand its <br />manufacturing facility and purchase additional equipment. <br /> <br />.1 <br /> <br />RCA MN Investment Fund Set Hearing- Page 1 of 2 <br />