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Councilmember Hendr/ksen stated that the City is going to be borrowing~'fu'ric~'S:'t~7!'_ <br />purchase police cars, dump trucks, and a fire truck and know they have aPz"equipment~!!~;::, <br />fund that can give a company $150,000. He thought the City was playing a!i0t;~f number <br />games. <br /> <br />Councilmember Kurak inquired as to how much funds are in thetad% Trust <br />what is the Fund used for. /.?i'.,, ":"t?ii:il,.- <br />city Attorney Goodrich replied that the City receivea~:~tki~gn/fid~nt amount of money <br />when they sold their interest in the landfill. <br /> <br />Councilmember Kurak inquired as to how much interest the City"would collect on the <br />five-year loan. ',. '~: :~- .._~: <br /> <br />City Administrator Norman replied two percent over primeand it will be paid yearly. <br /> <br />Councilmember Kurak inquired if the funds are not made av~}Idble for tl~-¢roject, will it <br />jeopardize the project. , .:i ~: . - <br /> <br /> City Administrator Norman rePlied no. '"<i~:': .i!"..::: .. ':/' <br /> <br /> Councilmember )mderson explained that the EDA had~:'d~Scussed that the City had not <br /> offered any incentives to Sunfish CommOns and they did' run into unsuspected asbestos <br /> problem. Being that it is a loan, nora gift, she could agree to the loan especially because <br /> they will be paying taxes this year not./n .15 years. <br /> <br /> coUncilmember Kurak stated that the "~eq~U~si sounded reasonable as long as the funds <br /> being used are not impacting anything .else: <br /> <br /> City Administrator' Norman. n0t~t .that at this point they are only requesting that funds be <br /> placed in{o ~d~eRevolving Loan ~:{ind to consider the loan application. <br /> <br /> Motion by Councilmember Kurak, seconded by Councilmember Anderson, to direct the <br /> Finance Officer to trm~sfer up to $150,000 from an appropriate City fund to the <br /> Revblv[ng Loan F.undqn order to allow the Sunfish Commons Partnership to make a loan <br /> application. - - <br /> <br />Further' discussion: Councilmember Hendriksen inquired as to why the City would not <br />accept the applicanon and if they approve the application then they can transfer the funds. <br />CoUncilmember Zimmerman expressed concern about treating all businesses equally <br />because they don't have a policy on something like this. Councilmember Anderson <br />r. eplied that it has been done on a case by case basis. Councilmember Zimmerman <br />'inquired as to where the funds would come from. Mayor Gamec replied that the funds <br /> <br />-66- <br /> <br />City Council/October 9, 2001 <br /> Page 20 of 24 <br /> <br />I <br />I <br /> <br />I <br />I <br />I <br />I <br />[ <br />I <br /> I <br /> <br /> I <br /> ] <br /> <br /> <br />