Laserfiche WebLink
221 . Ample security must be provided on the loans as determined by the City <br />222 Attorney and City Finance Director. <br />223 <br />224 . The total loan will require the personal guarantees of all the individuals who <br />225 own more than 20 percent interest in the company. ?�e--Ci�-3v��ll--�ke--a� <br />22s sa�boxd��te��osaiavx�-�o-c�--ba���do�x�. <br />227 <br />228 . The City staff w�ll pet'fot'm a business credit check on the business and all <br />229 owners of 20% or more of the business as prescribed in the Minnesota <br />230 Investment Fund application. <br />231 <br />232 . The company will be responsible for makingpayments directly to the City�or <br />233 its„seryicing__agent,__once a month. Loan prepayments are accepted without <br />234 penalty. <br />235 <br />236 <br />237 <br />238 <br />239 <br />240 <br />241 <br />242 <br />243 <br />244 <br />245 <br />246 <br />247 <br />248 <br />249 <br />250 <br />251 <br />252 <br />253 <br />254 <br />255 <br />256 <br />257 <br />258 <br />259 <br />260 <br />261 <br />262 <br />263 <br />264 <br />. All improvements must conform to current zoning, City building codes and <br />ordinances. Any outstanding taxes, assessments and fees must be made <br />current prior to loan approval. <br />. The City's loan is not assumable upon the sale or trans er of the business. <br />The loan will be due andpayable in full if the company no longer resides <br />within the City limits. <br />Section 3. Municipal Rights, Powers, Duties (MS 4 71.8 7-4 71.88) <br />An o, fficer of the city may not have a personal financial interest or personally benefit <br />from the business or development to be assisted <br />Section 4. Business Subsidies (MS 116J. 993, MS 116J. 994, MS <br />116J. 995). <br />A loan greater than $25, 000 must follow the requirements of the state business subsidy <br />law as outlined in the following sections MS I 16J.993, MS I 16J.994, MS I 16J.995. <br />These sections pertain to the public purpose of the loan, loan agreements, wage and job <br />goals, timing of the project, public notice and hearing requirements, failure to meet <br />goals, and reporting of information regarding the outcomes of the loan to DTED. These <br />sections repeal Minnesota Statutes 1998, section 116J.991. <br />Section 5. First Source Agreements (MS 268. 66). <br />A business that receives a loan in an amount greater than $200, 000 must agree to list any <br />vacant or new positions with the job services of the Minnesota Department of Economic <br />Security. <br />Roseville Business Loan Policy <br />Page 6 <br />