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REQUEST FOR CITY COUNCIL ACTION <br />DATE: 1 1/27/2000 <br />ITEM NO: H— 2 <br />rtment ApprovaL• Manager Approval: Agenda Section: <br />�� � �� Hearing <br />Description: Public Hearing to Consider Application for funds under the <br />Minnesota Investment Funds for IC Services PF# 3275 <br />1.0 Requested Council Action <br />1.1 City staff is requesting that Council hold a public hearing to consider a request for <br />funds under the Minnesota Investment Fund for the purpose of providing a loan to a <br />Roseville company, IC Services. A notice of public hearing was published in the <br />official newspaper and Council set the hearing date by motion at the November 13, <br />2000 meeting. <br />12 Upon closure of the public hearing, the Council will consider the approval of a <br />resolution, which authorizes the Mayor and City Manager to enter into agreements <br />necessary to implement the Minnesota Investment Fund on behalf of the City of <br />Roseville. <br />1.3 In addition, the City Council will be asked to consider the approval, by motion, of a <br />Business Loan Policy for use of loan proceeds under the Minnesota Investment Fund <br />and the City of Roseville's Small Business Loan Program. <br />2.0 Background <br />2.1 The Minnesota Investment Fund is a grant program provided by the Department <br />of Trade and Economic Development (DTED) with the specific purposes of <br />creating new and retaining the highest quality jobs possible on a state wide basis <br />with a focus on industrial, manufacturing and technology related industries; <br />increasing the local and state tax base and improving the economic vitality for all <br />Minnesota citizens. <br />2.2 Under the program guidelines the local unit of government must make the <br />application for the funds specifically for a company that meets the program <br />criteria. The amount of funds available is based upon a formula that calculates the <br />number of $12 per hour (or more) jobs created over a two-year period. <br />2.3 If the application is approved by DTED, the City receives the grant and provides <br />the funds to the Roseville company in the form of a loan. The loan payments for <br />the principle up to $100,000 and the interest on that $100,000 come back to the <br />RCA MN Investment Fund Hearing (PF3275 1 1/27/00)- Page 1 of 4 <br />