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I <br />I <br />I <br />I <br /> <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />CASE # <br /> <br />AUTHORIZATION TO ENTER INTO LOAN AGREEMENT <br />WITH SYSTEMATIC REFRIGERATION, INC. <br /> By: James E. Norman, City Administrator <br /> <br />Background: <br /> <br />In December 1999, the City of Ramsey formally made an application to the Department of Trade <br />and Economic Development (DTED) for a Minnesota Investment Fund Grant. The City was <br />notified in May that the City of Ramsey would receive a grant in the amount of $300,000. The <br />proceeds of the grant will be used to make a loan to Systematic Refrigeration, inc. for equipment <br />and related project expenses. The term of the loan will be for 10 years at 3%. As the loan is <br />repaid, a Revolving Loan Fund will be established for the City. <br /> <br />Recommendation: <br /> <br />Staff recommends Council authorize entering into a loan agreement with Systematic <br />Refrigeration/Mateski Properties L.L.C. in the amount of $300,000. <br /> <br />Reviewed by: <br /> <br />City Administrator <br />Economic Development Consultant <br /> <br />CC: 06/27/00 <br /> <br />Copies also distributed to: <br />City Attorney <br /> <br />I IRA_F,5'I ~ VOLI luserslCity Shared Fi/etA GENDA COUNCIL & COMMIS$IONICi{y Council[2000kluneILOANSYSREFRIG062700. doc <br />06/23/00 <br /> <br />/0 <br /> <br /> <br />