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5 Minutes CASE ~8: <br /> <br />AUTHORIZE AGREEMENT BETWEEN CITY AND RAMSEY ECONOMIC <br />DEVELOPMENT COMPANY TO ESTABLISH REVOLVING LOAN FUND <br />WITH CDBG FUNDS FOR ECONOMIC DEVELOPMENT ACTIVITIES <br /> By: Anne Norris, Community Development Director <br /> <br />Background: <br /> <br />The City receives an allocation of Community Development Block Grant (CDBG) <br />funds from Anoka County. As you know, the Council has determined that these <br />funds are to be used for economic development activities. The Council has also <br />indicated that they would be in favor of seeing a revolving loan fund for <br />economic development activities established with these funds. In order to <br />ensure that repayment of any loans made from this fund remain in the City's <br />control, the loan fund must be administered through the local development <br />corporation, the Ramsey Economic Development Company. In order to do this, the <br />City needs to enter into an agreement with the Ramsey Economic Development <br />Company allowing the Company to administer the revolving loan fund. When the <br />CDBG funds are repaid to the revolving loan fund, the funds will remain for <br />economic development activities in the City and the Ramsey Economic Development <br />Company will control how these funds are used. <br /> <br />A draft of the agreement will be available at the meeting. <br /> <br />Recommendation: <br /> <br />Council Action: <br /> <br />Motion to: <br />Authorize execution of the agreement between the City and the Ramsey <br />Economic Development Company for use of CDBG funds for a revolving loan <br />fund. <br /> <br />Review Checklist: <br /> <br />Administrator <br />Attorney <br />Engineer <br />Community Development Director <br />Economic Development Company <br /> <br />Chief of Police <br />Finance Officer <br />Public Works Superintendent <br />Economic Development Commission X <br /> <br /> <br />