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Observations: <br />MultiSource remains excited about coming to Ramsey and purchasing the Harber building. <br />Their primary lender for the property acquisition and the building improvements is U.S. Bank. <br />Their initial plans are to consolidate the Fridley and Blaine divisions to Ramsey bringing 80 to <br />85 jobs here. They want to make this location their largest division in terms of employees and <br />eventually in terms of facilities. They want to grow the company and be a responsible corporate <br />citizen. I would strongly support the use of the Ramsey RLF for this project. Our security <br />position on the building would be subordinate to the first mortgage lender. <br />Funding Source: <br />Consider using the Business Revolving Loan Fund. <br />Staff Recommendation: <br />Following submittal of necessary financial information and underwriting, consider setting a <br />special meeting later in December to approve the proposed RLF loan for the MultiSource <br />proj ect. <br />EDA Action: <br />Direct staff to set up special EDA meeting as necessary. <br />