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Economic Development Consultant Mulrooney replied that if the tax rate does not change, it <br />would be each year for the life of the contract. <br /> <br />Councilmember Kurak inquired as to what the term of the loan will be. <br /> <br />Economic Development Consultant Mulrooney replied 10 years or the average life of the <br />equipment being financed. He noted that at this time they are only looking for approval to <br />submit the grant application, not approve the loan. <br /> <br />There was no public comment. <br /> <br />Motion by Councilmember Zimmerman, seconded by Councilmember Kurak, to close the public <br />hearing. <br /> <br />Motion carded. Voting Yes: Mayor Gamec, Councilmembers Zimmerman, Kurak, Anderson, <br />and Hendriksen. Voting No: None. <br /> <br />The public hearing closed at 7:48 p.m. <br /> <br />Council Business <br /> <br />Mayor Gamec called the regular City Council meeting back to order at 7:48 p.m. <br /> <br />Motion by Councilmember Kurak, seconded by Councilmember Hendriksen, to adopt Resolution <br />#01-11-422 authorizing the submission of the grant application to the Minnesota Department of <br />Trade and Economic Development for funding of the Star Exhibits and Environments project, <br />subject to satisfactory review of credit reports by staff and legal counsel. <br /> <br />Motion carded. Voting Yes: Mayor Gamec, Councilmembers Kurak, Hendriksen, Anderson, <br />and Zimmerman. Voting No: None. <br /> <br />Councilmember Hendriksen stated that the. new jobs being created by Star Exhibits will be <br />paying roughly $21.00 per hour including benefits and the City will be receiving $339,000 in <br />taxes annually to pay back the business subsidy. He suggested that the City should think in <br />terms of those figures when considering future projects. <br /> <br />Case #3: Request for Sunfish Commons Revolving Loan <br /> <br />City Administrator Norman stated that the City' of Ramsey created a Revolving Loan Fund to fill <br />the financing gap between project costs and project equity by making direct, low-interest loans <br />for certain approved business activities within the Ramsey City limits. During the October 9, <br />2001 meeting, the City Council authorized the appropriation of $150,000 to the Revolving Loan <br />Fund in order to allow an application and Consideration for a direct low-interest loan. The multi- <br />tenant retail facility, known as Sunfish Commons, is now located on Highway #10 and to the <br /> <br />City Council/November 27, 2001 <br /> Page 6 of 22 <br /> <br /> <br />