Minutes - Council - 10/09/2001 - Laserfiche WebLink

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Mr. Smith replied because that is the location of his overhead door of his outbuilding. It would be very hard to go around the house from his residence entrance. Motion by Councilmember Kurak, seconded by Councilmember Anderson, to adopt Resolution #01-10-384 granting final plat approval to Smith Addition contingent upon entering into a development agreement with the City, compliance with City staff review letter dated October 4, 2001 except that the right of access along Armstrong Boulevard does not include the existing driveway, and compliance with the recommendation of the Park Commission. Motion carried. Voting Yes: Mayor Gamec, Councilmembers Kurak, Anderson, Hendriksen, and Zimmerman. Voting No: None. Case #11: Report from Economic Development Authority The Economic Development Authority (EDA) met on Monday, August 20, 2001, and discussed the following cases: 1) Sunfish Commons Revolving Loan City Administrator Norman stated that the recently adopted Revolving Loan Fund, is intended to fill the financing gap between project costs and private equity by making direct low-interest loans for certain approved business activities within the Ramsey City limits. The multi-tenant retail facility, known as Sunfish Cormnons, located on Highway #10 and to the west of Sunfish Lake Boulevard, is currently under construction. The partners of Sunfish Commons have requested the City consider an application for the Revolving Loan Fund. The Fund currently does not have adequate financing in order to consider such a loan request. The EDA recommended financing the Revolving Loan Fund with other City funds to allow the Sunfish Commons Partnership to make a loan application. The term of the loan would be five years and the Finance Officer has indicated that there are funds available. Councilmember Hendriksen inquired as to why, when someone is already committed to being in the City, do they all of a sudden need an incentive. City Administrator Norman explained that when the project started there was more asbestos in the old McKay building then they were anticipating, which caused their costs to escalate. At that time the City was working with Amcon, who was also working on this project, and the incentive placed in front of them by the City is if they could bring one or more new businesses to Ramsey, the City could possibly assist with some of the costs. A business did agree to come to the City, which is why this request is being brought forward. Councilmember Hendriksen inquired as to why the Council was not involved in the agreement. City Council/October 9, 2001 Page 18 of 24