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<br />meeting on January 8, 2002 and the annual meeting date was set for January 28, 2002 at <br />6:00 p.m. by the City Council at the January 7, 2002 Council Meeting. <br /> <br />2.3 Currently there are 5 loans outstanding under the LDC Block Grant Program for Villa <br />Park. The total amount of loans outstanding is SII 0,000. The loans recipients make <br />monthly interest payments and the principal of the loan is due upon sale of units or death. <br /> <br />2.4 Recent legislative actions will necessitate a review of the LDC and a City Council <br />decision whether to continue its existence or to dissolve the LDC. Because the LDC <br />continues to have outstanding loans and other future Federal grants may require the <br />existence of an LDC, staff willlikel y recommend the continued existence of the LDC for <br />the City ofRoseville. <br /> <br />3.0 STAFF RECOMMENDATION <br /> <br />3.1 In accordance with the LDC Bylaws staff is recommending that the annual meeting be <br />held, minutes from 2001 annual meeting be adopted and new officers be elected for <br />2002. <br /> <br />4.0 LDC ACTION <br /> <br />4.1 Motion to open the Roseville Local Development Corporation annual meeting <br /> <br />4.2 Motion to elect new officers as follows: <br /> <br />President: <br />Secretary: <br />Treasurer: <br />Board Member: <br />Board Member: <br />Secretary Designee: <br /> <br />4.3 If no fmther business is required, motion to close the Roseville Local Development <br />Corporation's annual meeting. <br /> <br />Attachments: <br />2002 LDC Agenda <br />LDC Minutes 2001 <br />LDC Articles ofIncorporation, Bylaws <br /> <br />Q:\Local Development Corp\RCA_012802.doc <br /> <br />LDC Memo to Manager (012802) -Page 2 of2 <br />