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City of Ramsey <br /> <br />15153 NOWTHEN BOULEVARD N.W., RAMSEY, MINNESOTA 55303 · (612) 427-1410 <br /> <br />March 6, 1989 <br /> <br />JoAnn Wright <br />Community Development Manager <br />Office of the County Board of Commissioners <br />Anoka County Courthouse <br />325 East Main Street <br />Anoka, MN 55303 <br /> <br />Subject: Clarification on CDBG RevoR4ng Loan Fund <br /> <br />JoAnn Wright: <br /> <br />In response to your letter dated February 28, 1989 and our conversation of March <br />1, 1989, the following information is offered: The City of Ramsey currently has a <br />fund balance of $3,479.00 as of February 28, 1989. It is the full intent of the City of <br />Ramsey to continue it's Economic. Development Loan Program. Loan payments <br />or payoffs which are received are deposited in a CDBG Revolving Loan Fund <br />maintained by the City of Ramsey Finance Office. The intent of the City is <br />accumulate such funds and to make these funds available to the business <br />community as an economic development loan. In other words, the long-term use <br />of Community Development Block Grant Funds as a truly REVOLVING LOAN. <br /> <br />If you have any questions, please do not hesitate to call. Furthermore, if you <br />concur with the City's position in the future use of funds currently used as <br />economic development loans and their continued use as such, please concur in <br />writing. Thank you. <br /> <br />Sincere]y, <br /> <br />CITY OF RAMSEY <br /> <br />Mark S. Banwart <br />Community Development Director <br /> <br />MSB:ccr <br /> <br /> <br />