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ECONOMIC DEVELOPMENT COMMISSION BUSINESS <br /> <br />1) Mr. Stephen..Klein regarding the formation of a Local Development Corporation: <br /> <br />Mr. Stephen Klein made a presentation on his proposal for the Local Development <br />Corporation in Ramsey. He stated that with the formation of the Local Development <br />Corporation, it will help to promote industrial development within the City by <br />working very closely with the Economic Development Commission. It would be pro- <br />moting what the City has to offer and help in the financing aspect (i.e., help in <br />obtaining industrial revenue bonds, etc.). <br /> <br />There would have to be a long term commitment on the part of the City. Part of <br />the long term commitment would be to assist with "package deals" for those who <br />want to locate in Ramsey. <br /> <br />There are a few main key factors to consider in making the decision to go with <br />the Local Development Corporation. They are: <br /> <br />1) Firm commitment concept <br />2) Strong basis to sell community stock <br />3) On-going support of our elected officials <br />4) Clients/business interested in coming to the City <br />5) Point guard - businessmen or resident willing to work with the <br /> Council/Staff/Company. It would be advisable to train a local <br /> resident to work in this capacity. <br /> <br />Mr. Klein asked why a Local Development Corporation now. The City of Ramsey has <br />the availability of funds to help promote business, etc. Also, the City is right <br />for development as sewer is just around the corner. Ramsey is the fastest grow- <br />ing community in Anoka County and we must have some direction to follow. <br /> <br />Commissioner Fults asked if there was another way to get funds than through the <br />Local Development Corporation. Mr. Klein stated that the City can spend this <br />money in other ways, such as in the lower level of City Hall. <br /> <br />Commissioner Menkveld asked if there were other routes of getting funds than <br />through the SBA loans. Mr. Klein said the more stable route is being certified <br />with the SBA in the degree of assurance in hoping the Local Development Corpora- <br />tion would carry weight with the bank. <br /> <br />Commissioner Schmidt asked if Mr. Klein would take care of the requirements for <br />SBA certifications. Mr. Klein answered that yes, he would be originally carrying <br />the ball, then by getting a leadman orientated into this, there would be less <br />dependency on the Local Development Corporation. This way it utilizes everything <br />in the community to assist in financing and support to get business to relocate <br />in the City. <br /> <br />Commissioner Schmidt then asked that once the Local Development Corporation is <br />established if it would be open all the time for additional stockholders. Mr. <br />Klein stated yes, it is always open. Commissioner Schmidt stated that some have <br />ended up closed shortly after opening. Mr. Klein again stated that it should be <br />left open. <br /> <br />EDC/March 10, 1982 <br /> Page 2 <br /> <br /> <br />