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COUNTY OF A <br /> <br /> Office of the County Board of Cornrnissio,ers <br /> <br />COURTHOUSE ANOKA, MINNESOTA 55303 612-421-4760 <br /> <br />I June 20, 1995 <br />I The Honorable Gary Heitman <br /> Mayor, City of Ramsay <br />I c/o Lloyd Schnelle~ City Manager <br /> City of Ramsay <br /> 15153 Nowthen Boulevard N.W. <br /> Rams~5,, Minnesota 55303 <br /> <br />Re: Establishment of CDBG Economic Development <br /> Revolving Loan Funds by LDC~s <br /> <br />Dear Mayor Heitman: <br /> <br />As announced by the attached Anoka County Board action~ cities may elect to <br />make CDBG grants to LDC's for economic development revolving loan funds. <br />The original loans made from CDBG funds are subject to the following Federal <br />requirements: <br /> <br />I. prohibition against conflict of interest; <br /> <br />three year access by the city, Anoka County and the U.S. government to <br />company records relevent to the project; <br /> <br />creation of at least one i~ermanent full-time'job available to lower income <br />persons for each $10,000 of CDBG funds expended and a provision that at <br />least 5 I% of all new jobs created during the reporting period (when the <br />committed number of jobs have been created and retained for at least six <br />months) will be available to lower income persons; <br /> <br />compliance with labor regulations if cDBG funds are used for <br />construction; <br /> <br />5. compliance with Title VI of the Civil Rights Act of 1964; <br /> <br />6. reporting by the company on the jobs created; and <br /> <br />initial drawdown of CDBG funds for individual loan closings (not to be <br />held in lump sum by the LDC). <br /> <br />Loan repayments of CDI3G funds are'not subject to all of the above rules, but <br />are under the control of the LDC, with whatever restrictions imposed by the <br />city and the following County requirements: <br /> <br />Prohibition of conflict of interest as provided in HUD Regulation 2ttCFR <br />Part 570.611. <br /> <br />Affirmative Action / Equal Opportunity Employer <br /> <br /> <br />