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<br />221 . The City staff will perform a business credit check on the business and all <br />222 owners of20% or more of the business as prescribed in the Minnesota <br />223 Investment Fund application. <br />224 <br />225 . The company will be responsible for making payments directly to the City <br />226 once a month. Loan prepayments are accepted without penalty. <br />227 <br />228 . All improvements must conform to current zoning, City building codes and <br />229 ordinances. Any outstanding taxes, assessments andfees must be made <br />230 current prior to loan approval. <br />231 <br />232 . The City's loan is not assumable upon the sale of the business. The loan will <br />233 be due and payable infull if the company no longer resides within the City <br />234 limits. <br />235 <br />236 Section 3. Municipal Rights, Powers, Duties (MS 471.87-471.88) <br />237 <br />238 An officer of the city may not have a personal financial interest or personally benefit <br />239 from the business or development to be assisted. <br />240 <br />241 Section 4. Business Subsidies (MS 116J.993, MS 116J.994, MS <br />242 116J. 995). <br />243 <br />244 A loan greater than $25,000 must follow the requirements of the state business subsidy <br />245 law as outlined in thefollowing sections MS 116J.993, MS 116J.994, MS 116J.995. <br />246 These sections pertain to the public purpose of the loan, loan agreements, wage and job <br />247 goals, timing of the project, public notice and hearing requirements, failure to meet <br />248 goals, and reporting of information regarding the outcomes of the loan to DTED. These <br />249 sections repeal Minnesota Statutes 1998, section 116J. 991. <br />250 <br />251 Section 5. First Source Agreements (MS 268.66). <br />252 <br />253 A business that receives a loan in an amount greater than $200,000 must agree to list any <br />254 vacant or new positions with the job services of the Minnesota Department of Economic <br />255 Security. <br />256 <br />257 Section 6. Surety Deposits Required for Construction Contracts (MS <br />258 290.9705) <br />259 <br />260 In the situation that the loan exceeds $100,000 and a non-Minnesota construction <br />261 contractor has been hired to perform the work, the city must do one of the following: <br />262 a) Deposit with the Department of Revenue, 8 percent of every payment made to <br />263 the contractor; or <br />264 b) Have in its possession a Waiver of Withholding from the Department of <br />265 Revenue. <br /> <br />Roseville Business Loan Policy <br /> <br />Page 6 <br />