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<br /> <br />Minnesota <br />COMMUNITY DEVELOPMENT DEPARTMENT <br /> <br />November 7,2000 <br /> <br />Mr. John Koch <br />IC Services <br />2976 Cleveland Ave. N <br />Roseville, MN 55113 <br /> <br />'" <br /> <br />Dear John: <br /> <br />As discussed on the phone, I met with Cheryl Johnson to discuss the procedure for consideration <br />of an application for the Minnesota Investment Fund. The following is an outline of the process. <br /> <br />1. . November 13, 2000 - Roseville Council will Set public hearing (you are not required to <br />attend this meeting). <br />2. November 20,2000 - Roseville Council WQJX session to discuss the application. No <br />action is taken at a work session. Please be available to attend this meeting as it will set <br />the course for action after the public hearing on November 27,2000. <br />3. November 27,2000 - Public Hearing to consider submission of application and award of <br />loan to IC Services. This is the meeting where the Council will vote to approve or deny <br />the application and loan to IC Services. You will want to attend this meeting as well.. <br />4. November 28, 2000 - Submit application to DTED for processing. Cheryl indicated that <br />is will take approximately 2-3 weeks to process the application. <br /> <br />I have enclosed a copy of the application and highlighted areas that I will need you to complete. <br />Primarily it includes pages S-9 through S-19. I will need at least a draft of the application prior to <br />the work session on November 20, 2000 and the final by November 21, 2000 so that I can <br />accurately prepare the report for the public hearing. The City delivers all background infonnation <br />the Thursday before the meeting so that they have adequate time to review the issues and ask staff <br />questions prior to the meeting. Due to the Thanksgiving holiday, the infonnation will be <br />delivered on Wednesday, November 22. <br /> <br />After discussion with the City Finance Director, we are proposing to loan the $298,000 at 4 <br />percent interest. The tenn will be based upon the life of the machinery that we detennine will <br />serve as collateral on the loan. The maximum tenn is 10 years. <br /> <br />Please contact me when you receive the package and we can go through it together. <br /> <br /> <br />~ <br /> <br />y <br />Econom evelopment Specialist <br />651-490-2241 <br /> <br />Cc: Ed Burrell, Finance Director <br /> <br />2660 CIVIC CENTER DRIVE. ROSEVILLE. MINNESOTA. 55113-1899 <br />651-490-2279 . Fax 651-490-2931 <br />