Laserfiche WebLink
I <br /> I <br /> ! <br /> I <br /> I <br />I <br /> <br /> I <br /> I <br /> I <br /> i <br /> I <br /> I <br /> I <br /> ! <br /> I <br /> I <br /> I <br /> I <br /> <br /> CASE # <br /> <br /> AUTHORIZATION TO ENTER INTO GRANT AGREEMENT WITH THE <br /> MINNESOTA DEPARTMENT OF TRADE AND ECONOMIC DEVELOPMENT <br /> By: James E. Norman, City Administrator <br /> <br />Background: <br /> <br />In December 1999, the City o£Ramsey formally made an application to the Department o£ Trade <br />and Economic Development (DTED) for a Minnesota Investment Fund Grant. The City was <br />notified in May that Systematic Refi-igeration, Inc. would receive a grant in the amount o£ <br />$$00,000, in the £orm o£ a loan. The company will agree to repay the State $200,000 and the <br />repay the City $100,000 which can be utilized as a revolving loan fund £or future businesses. A <br />copy o£the grant agreement is attached to the case. <br /> <br />Recommendation: <br /> <br />Staff recommends Council authorize entering into a grant agreement with DTED £or a Minnesota <br />Investment Fund Grant in the amount 0£$300,000. <br /> <br />Council Action: <br /> <br />Motion to authorize the City to enter into a grant agreement with the Minnesota Department o£ <br />Trade and Economic Development £or a Minnesota Investment Fund Grant in the amount o£ <br />$300,000. <br /> <br />Reviewed by: Copies also distributed to: <br /> <br />City Administrator Economic Development Consultant <br /> City Attorney <br /> <br />CC: 06/13/00 <br /> <br />G.'luserslCity Shared FileMGENDA COUNCIL & COMMISSION1CiO, Councill2OOO~JunelgrantwMnDTEDO613OO. doc 06/09/00 <br /> -271- <br /> <br /> <br />