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I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br />,I <br /> <br />! <br /> <br />FC CASE <br /> <br />SUNFISH COMMONS REVOLVING LOAN DISCUSSION <br /> By: James E. Norman, City Administrator <br /> <br />Background: <br /> <br />The City Council authorized a $150,000 revolving loan to Sunfish Commons Partnership during <br />the Council meeting of November 27, 2001. The funds for the loan were secured by an <br />appropriation of $150,000 to the Revolving Loan Fund during Council action of October 9, <br />2001. The authorization came after a presentation by Development Consultant Mike Mulrooney <br />and the attorney, Robert Foster, representing the Sunfish Commons Partnership. Minutes for the <br />discussion during the November 27, 2001 meeting are attached to this case. <br /> <br />During the final plat of Sunfish BUsiness Park, owned by the City, the Council requested further <br />discussion of the loan authorized during the November 27, 2001 meeting. It should be noted that <br />the Sunfish Business Park and Sunfish Commons Partnership have only one thing in common, <br />the name "Sunfish". Staff plans to restate that the Sunfish Commons revolving loan is <br />completed and there is no reason to reconsider the matter, regardless of the recent decision by <br />Star Exhibits to not locate in the Ramsey Sunfish Business Park. No action will be required if <br />the City desires to allow the loan to proceed as authorized. <br /> <br />Council Action: <br /> <br />Based upon discussion. <br /> <br />Reviewed by: <br /> <br />City Administrator <br />Finance Officer <br />Community Development Director <br />City Attorney <br />Development Consultant <br /> <br />FC: 05/14/02 <br /> <br />-329- <br /> <br /> <br />