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Minutes <br /> <br />REQUEST FOR FUNDS FROM REVOLVING LOAN FUND; <br />CASE OF RAMSEY ECONOMIC DEVELOPMENT COMPANY <br />By: Bill Goodrich, City Attorney <br />Anne Norris, Community Development Director <br /> <br />CASE <br /> <br />Background: <br /> <br />The Ramsey Economic Development Company has received an application for funds <br />from the revolving loan fund, has reviewed the application and necessary <br />documentation, and has recommended approval of the loan. Information on this <br />loan is as follows: <br /> <br />Applicant: <br />Amount: <br />Term: <br />Interest Rate: <br /> <br />Uses: <br /> <br />Security: <br /> <br />Gordon Oftedahl, GO Racing <br />$22,500 <br />Seven (7) years <br />One (1) point below First St. Paul's prime rate at time <br />of closing <br />Renovation of building and clean up of site at 14050 <br />Basalt Street NW <br />Subordinated mortgage on the property, assignment of <br />rents and leases, and personal guarantee by Mr. Oftedahl <br /> <br />Observations: <br /> <br />At its meeting on August 11, 1987 the Council tabled action on this request <br />pending information on the storage of tires on Mr. Oftedahl's property. Both <br />Police Chief Auspos and Community Development Director Norris have been in <br />contact with Mr. Tim Peterson, Anoka Tire, who is storing tires on the <br />property. Mr. Peterson has stated that the storage is temporary until the <br />tires can be processed (recapped, reconstituted, etc.). According to City <br />Code, tire storage is not a permitted use in any district; therefore, Mr. <br />Peterson must apply for and obtain a conditional use permit to continue this <br />storage. Mr. Peterson has been provided with the application information for <br />a conditional use permit. In addition, Mr. Peterson may be violating a County <br />ordinance regarding tire storage; pertinent information has been referred to <br />Mr. Bob Hutchison, Anoka County Environmental Services. <br /> <br />Applications for the revolving loan fund which are approved by the City Council <br />are also subject to review and final approval by Anoka County. <br /> <br />Recommendation: <br /> <br />Council Action: <br /> <br />Motion to: <br />Approve/deny the request for funds. <br /> <br />Review Checklist: <br /> <br />Administrator X <br />Attorney X <br />Engineer <br />Community Development Director X <br /> <br />Chief of Police <br />Finance Officer <br />Public Works Superintendent <br />Economic Development Company <br /> <br />X <br /> <br /> <br />