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NOTE <br /> <br />CITY COUNCIL MEETING MINUTES <br /> <br />The Economic Development Commission duly noted the following City Council meeting minutes: <br /> <br />1) <br />2) <br /> <br />City. Council special meeting minutes dated June 29, 1992. <br />Cits~ Council public heating and regular meeting minutes dated July 14, 1992. <br />City Coui~cil Goals Workshop minutes dated July 21, 1992. <br /> <br />Councilmember Zimmerman stated that City Council approved the site plan with a three to two vote <br />on the Bur~ and Carlson case from the Council meeting held on September 8, 1992. Some local <br />businesses were Concerned about the concrete recycling facility being in the same area as their light <br />manufacturing businesses including Altron and Water Control Corporation. It may be that these <br />businesses Were ~ossibly located in the wrong zoning district, causing other long-term problems. <br /> <br />COMMISSION BUSINESS <br /> <br />Case #1: : Revolving Loan and Financial Assistance Documents. <br /> <br />The City Council has created an Economic Development Authority with which to encourage <br />expansion ~and location of businesses in Ramsey. In order for the EDA to achieve these goals, the <br />City needs !the ebility to provide financial assistance for use by business. In order to provide <br />financial as6istance, the City must provide guidelines for the amount and how the funds are to be <br />made available. These guidelines were sent to local businesses for their review and comment. <br /> <br />The EDC proposed some reservations about these documents. The program needs to be funded <br />with a sufficient ~u~nount of money to make it a viable assistance and economic development tool. <br />This may include the levying of the maximum amount allowed for economic development <br />au thorities.: The program be designed to provide a limited turn around time to eliminate a large <br />amount of "red tape" for businesses to partake in. The EDC also agreed that the program should <br />not be a grgnt program, but a loan program with proceeds being repaid to the City's funds to be <br />reused for (~ther projects in the long term. It was important to the EDC to make the assistance <br />program allow for provision of additional capital. If, for example, a business needed $100,000 <br />and they bank would loan them 75% ($75,000) of that amount and they had 15% ($15,000), the <br />remaining $~0,000 could be received from a loan giving them enough credit or equity in the project <br />to allow the!bank to give them the full $75,000. <br /> <br />Commissiorler Greenberg reluctantly agreed with the program as he felt that it is unfortunate that in <br />order to provide for economic development, the City has to become involved to such a great extent. <br /> <br />Motion by Commissioner Nelson and seconded by Commissioner Greenberg to endorse a <br />proposal for this project and that the Economic Development Commission would reserve final <br />approval ungil the final draft of this document has been reviewed by the Commission. This would <br />include the total ~amount of funding available, the percentage of the project that can be funded by <br />the City and~'Other details. <br /> <br />Motion carded. Voting Yes: Chairperson Wagner, Commissioners Nelson, Fults, Greenberg, <br />Gorecki andVevea. Voting No: None. Absent: Commissioners Kent and Schroeder. <br /> <br />Economic Development Commission/September 9, 1992 <br /> Page 2 of 4 <br /> <br /> <br />