Laserfiche WebLink
CASE # <br />AUTHORIZE CITY COUNCIL TO EXECUTE A LOAN AGREEMENT WITH CLEAR <br />CHOICE COUNTERTOPS, INC <br />sy: .Sean M. Sullivan, Economic Development Coordinator <br />Background:. <br />The Ramsey .EDA reviewed the loan request at the June 12, 2008 Ba 20031 Parkvelop~ment <br />Authority (EDA) meeting. The loan request is for $24,300 to finan <br />Industries Sierra. saw for cutting higher end countertop product. The company currently leases <br />space in the ~ West Radium Multi-tenant building in Business Park 95. Choice Countertops <br />currently employs 3 people and plans to add 2 more. as part of On June 12, 008, the EDA made a <br />The proposed interest rate is 6% and the term is 60 months. <br />motion to recommend -that the -City Council approve the loan request.. between Clear Choice <br />Countertops, Inc. and the City of Ramsey and to obtain a personal guarantee from Matthew Semler. <br />Funding Source: <br />Revolving Loan Fund <br />Recommendation: <br />Inc. and the City of <br />City Council approve the loan request between Clear Choice Countertops, <br />Ramsey, to obtain a personal guarantee from Matthew Semler and to authorize the- Mayor to <br />execute the required loan documents. <br />Council Action: <br />Inc. and the City of <br />Motion to approve the loan request between. Clear Choice Countertops, <br />Ramsey, to obtain a personal guarantee from Mathew Semler and to authorize the Mayor to execute <br />the required loan documents. <br />Attachments: <br />Loan Agreement <br />Note <br />Collateral Description, <br />June 12, 2008 EDA minutes <br />Review Checklist: > .,.._~ <br />' Administrator <br />City <br />CC:08.12.08 - 8 3 - <br />