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<br />business which is an economic development goal as part of the Comprehensive Plan <br />but it is also able to re-use the repayments from the $100,000 loan for future <br />assistance to businesses under the program. <br /> <br />6.2 In addition, staff recommends approval, by motion, of the Roseville Business Loan <br />Policy (draft attached) with any modifications by the City Council, City Attorney and <br />State Officials. <br /> <br />7.0 Suggested Council Action <br /> <br />7.1 By resolution, and subject to City Attorney review, authorize the Mayor and City <br />Manager to enter into agreements for participation in the Minnesota Investment Fund <br />on behalf of the City ofRoseville and for the purpose of providing a low interest loan <br />to the Roseville business, IC Services, Inc. in the amount of $298,000. <br /> <br />7.2 By motion, and subject to City Attorney review, adopt the attached Roseville <br />Business Loan Policy, which provides guidance for the use of existing small business <br />loan funds and future loan proceeds from IC Services. <br /> <br />By: Cathy Bennett, 490-2241 <br />Attachment: IC Services Corporate Infonnation, Project Summary and Program Summary <br />Location Map <br />Draft Resolution and Roseville Business Loan Policy <br /> <br />Q:\Planning Files\3275_IC Services\MN Investment Fund Hearing RCA.doc <br /> <br />RCA MN Investment Fund Hearing (PF3275 11/27/00)- Page 4 of 4 <br />