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Councilmember Musgrove introduced the following resolution and moved for its adoption: <br /> RESOLUTION #23-301 <br /> RESOLUTION APPROVING LOAN TO SA GROUP, INC. FROM CITY RLF <br /> WHEREAS, the City of Ramsey has established a Revolving Loan Fund with seed funds <br /> from the Minnesota Investment Fund (MIF), the City of Ramsey and interest accrued from <br /> utilization of past RLF Loans for the purpose of assisting business growth and job creation in the <br /> City of Ramsey; and <br /> WHEREAS, SA Group, Inc. has requested a$149,999 loan from the City of Ramsey with <br /> a 3.5% interest rate and a term of 6 years to assist in the financing of their 46,000 expansion of <br /> their manufacturing facility at 7150 143rd Avenue NW; and <br /> WHEREAS, The Ramsey EDA recommended approval of the $150,000 loan with a 3.5% <br /> interest rate and 6-year term at the August 10, 2023 meeting; and <br /> WHEREAS, CMDC And City Staff have underwritten a $149,999 loan, drafted the <br /> required loan documents and recommend approval; and <br /> WHEREAS, SA Group,Inc. is a Minnesota corporation that is active and in good standing <br /> with the Minnesota Secretary of State as of November 20, 2023. <br /> NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF <br /> RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA: <br /> 1) That the City Council of the City of Ramsey approve a $149,999 loan with interest rate to <br /> be determined by the rate of the 10-year treasury bond as of the closing date of the loan but <br /> no less than 3% and a 6-year term to SA Group, Inc. for the 46,000 building expansion <br /> project at 7150 143rd Avenue NW from the City RLF. <br /> 2) The City Council of the City of Ramsey authorize the Mayor and City Administrator to <br /> Sign and execute all loan documents required to complete the $149,999 loan from the City <br /> RLF to SA Group, Inc. <br /> The motion for the adoption of the foregoing resolution was duly seconded by Councilmember <br /> Riley, and upon vote being taken thereon, the following voted in favor thereof: <br /> Mayor Kuzma <br /> Councilmember Musgrove <br /> Councilmember Riley <br /> Councilmember Howell <br /> Councilmember Olson <br /> Councilmember Specht <br /> Councilmember Woestehoff <br />