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<br />EDA BUSINESS <br /> <br />Amber Miller introduced herself as the new Community Development Director for the City of <br />Ramsey. <br /> <br />Case #1: <br /> <br />Consider Utilization of Revolving Loan Fund in Sunfish Express Expansion <br />and Remodel <br /> <br />Economic Developm~nt Coordinator Sullivan reviewed that Sunfish Express was established in <br />2002 and is owned by Frank Yamoutpour. The owner has completed an application to utilize the <br />Revolving Loan Fund for $191,132. The improvements are to include the addition of a Cousin's <br />Subs, car wash improvements, and additional signage for the business. It should be noted that <br />Cousin's Subs requires a franchise fee, which is specifically excluded in the Revolving Loan <br />Fund guidelines. Mr. Sullivan stated Mr. Yamoutpour has been notified that the Revolving Loan <br />Fund guidelines do not allow retail projects, but he has decided to proceed with the application in <br />hopes that the EDA will consider the project. Mr. Sullivan pointed out that this project is located <br />in Sunfish Commons, and at the last EDA meeting the Board made concerted efforts to assist the <br />development in the whole by participating in the sign package. He advised he believes the EDA <br />has done a lot to help this retail node, and to go above and beyond with a specific business like <br />this would be crossing the line. <br /> <br />Chairperson Riley verified with Economic Development Coordinator Sullivan that Mr. <br />Yamoutpour is aware ofthe EDA's participation with signage at Sunfish Commons. <br /> <br />Member LeTourneau stated he would like the EDA to help in any way they can. He asked how <br />much discussion the Board can have on this request in light of the fact that the Revolving Loan <br />Fund guidelines do not allow retail. Economic Development Director Sullivan replied the answer <br />to this is twofold. His recommendation is denial of the Revolving Loan Fund due to the retail <br />nature of the application. The application does not comply with the Revolving Loan Fund <br />guidelines. However, the Board may also consider whether they think the guidelines should be <br />changed to accommodate for applications with a retail nature. <br /> <br />Member LeTourneau asked if the potential change in the Revolving Loan Fund would be a <br />separate case or if it would realistically be part of this case. Economic Development Coordinator <br />Sullivan replied due to the incomplete nature of this application, if it were to proceed the <br />application would need to be brought forward to the next Board meeting. If there were suggested <br />changes to the guidelines they could try to incorporate those changes for adoption at the next <br />Board meeting as well. <br /> <br />Member Steffen requested information on the main reason retail was excluded from the <br />Revolving Loan Fund guidelines. Economic Development Consultant Mulrooney explained the <br />guidelines go back to the time when the City applied for funding to assist Systematic <br />Refrigeration, which is now known as Zero Zone. The State of Minnesota participated by <br />providing a grant to the City to lend the dollars to Systematic Refrigeration. The loan facilitated <br />the business' relocation from Dayton to Ramsey and assisted with overall financing of the <br />business. Under the State of Minnesota guidelines for the Minnesota Investment Fund (MIF) <br /> <br />Economic Development Authority/April 10, 2008 <br />Page 2 of 14 <br />