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Councilmember Wise stated the point was to buy the properties at a better price, noting it may be <br />best to leave them alone so the project is cheaper. <br />City Administrator Ulrich continued review of Development strategies. <br />Councilmember Elvig addressed business retention and suggested creating a revolving fund for <br />businesses trying to expand facilities or equipment as a bridge note of equity to parlay with a <br />bank loan. He felt offering that option could be a tremendous tool for businesses making <br />decisions whether to expand in Ramsey. <br />City Administrator Ulrich stated the City already has $200,000 in a Business Revolving Loan <br />Fund. <br />Councilmember Elvig asked whether businesses are aware of that option. <br />Mayor Ramsey stated it provides a bridge loan that is subordinate to the bank. <br />Councilmember McGlone stated if the business cannot cover a gap in financing, that business <br />can probably not qualify for a loan anyway. <br />Mayor Ramsey asked if the EDA has completed a work plan and if they talked about marketing <br />their property. <br />Councilmember Wise stated they did discuss that matter. <br />City Administrator Ulrich stated the EDA could sell off the property quickly or consider a master <br />plan and parcel assembly. He reviewed policies/programs/services strategies, noting the need to <br />be aware of project completion dates and business impacts. <br />Councilmember Wise agreed with the need to consider financial relief to businesses impacted by <br />road projects. <br />Development Services Manager Gladhill explained that with the Central Corridor, Minneapolis <br />used local dollars in a marketing campaign to find business. <br />Councilmember Wise stated he can show the financial impact on his business that was caused by <br />the road reconstruction project. <br />Councilmember Backous noted on the other side, there will also be an increase in business as a <br />result of the improved roadway. <br />City Administrator Ulrich asked whether the Council wanted to hold a more in-depth discussion <br />about building permits for siding, windows, and roofing projects. It was noted this topic was <br />briefly discussed at a past Work Session. <br />City Council Work Session / October 2, 2012 <br />Page 7 of 9 <br />