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CASE <br /> <br />REQUEST FOR SUNFISH COMMONS REVOLVING LOAN <br /> By: James E. Norman, City Administrator <br /> <br />Background: <br /> <br />The City of Ramsey created a Revolving Loan Fund to fill the financing gap between project <br />costs and project equity by making direct, low-interest loans for certain approved business <br />activities within the Ramsey City limits. During the October 9, 2001 meeting, the City Council <br />authorized the appropriation of $150,000 to the Revolving Loan Fund in order to allow an <br />application and consideration for a direct low-interest loan. <br /> <br />The multi-tenant retail facility, known as Sunfish Commons, is now located on Highway #10 and <br />to the west of Sunfish Lake Boulevard. The partners of Sunfish Commons requested the City <br />consider an application for the Revolving Loan Fund. The Sunfish Commons Partnership met <br />with the EDA during their regular meeting of October 8, 2001. The EDA provided direction to <br />staff to further negotiate the specifics of the loan, such as interest rate, guarantees, terms, and <br />pay-back position, prior to Council consideration of the matter. <br /> <br />The EDA recommended the City Council approve the Revolving Loan Application to Sunfish <br />Commons if the terms of the loan are agreed to by the partners. <br /> <br />Council action: ng L~oa! <br />Motion to authorize a $150,000 Revolvi <br /> <br />Reviewed by: <br /> <br />City Administrator <br />Finance Officer <br />Community Development Director <br />City Attorney <br /> <br />to Sunfish Commons Partnership. <br /> <br />CC: 11/27/01 <br /> <br />-115- <br /> <br /> <br />