Resolution - #25-068 - 03/25/2025

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Councilmember Specht introduced the following resolution and moved for its adoption: RESOLUTION #25-068 RESOLUTION APPROVING LOAN FROM RESTAURANT SUBSIDY PROGRAM: KING BAGUETTE WHEREAS, the City of Ramsey, adopted a new Full-Service Restaurant Subsidy Program on February 8, 2021 to help reduce the cost of SAC and WAC charges and to assist in the recruiting of full-service restaurants to Ramsey; and WHEREAS, King Baguette Inc. submitted an application requesting a, 0% interest, forgivable loan for 70% of the $19,830 in SAC and WAC Charges due for the proposed new restaurant at 7912 Sunwood Drive NW Unit 100 totaling $13,881; and WHEREAS, the EDA met on March 13, 2025 and determined that the King Baguette Restaurant Project was compliant with the Restaurant Subsidy program and recommended approval of a 70% interest free forgivable loan totaling $13,881 contingent on satisfactory underwriting and city attorney review; and WHEREAS, King Baguette has already pulled and paid for its building permit for the project, paid the full SAC and WAC Fees and would need to be reimbursed $13,881 dollars as part of the Loan Closing; and WHEREAS, King Baguette Inc. is Active / in Good Standing with office of the Minnesota Secretary of State as of March 19, 2025. NOW THEREFORE, BE IT RESOLVED BY THE CITY OF RAMSEY, ANOKA COUNTY, STATE OF MINNESOTA, as follows: 1) That the City Council approves a 0% interest, forgivable $13,881 loan to King Baguette Inc.; subject to satisfactory underwriting by CMDC and City Attorney review. 2) The City Council authorizes the execution of all required loan documents by the Mayor and City Administrator. 3) The $13,881 loan is to be funded from the EDA Cash balance ($8,697.50) and Water Fund ($5,183.50). 4) The City Council authorizes a temporary refund of $13,881 to King Baguette Inc. to be treated as loan proceeds.