Minutes - Council - 12/15/1998 - Laserfiche WebLink

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The City and the Company enter into a loan agreement that spells out the amount of the loan and the agreement for payback or forgiveness. She reported that this agreement was recently completed and sent to the City for signature. Generally, the agreement calls for a loan from the State via the City for up to $200,000. The loan is for purchase of equipment and is secured by an Injection Molding Press. The term of the loan is five years, beginning June 1, 1997. The loan is to be forgiven if Vision-Ease creates 40 new full-time equivalent, permanent jobs by May 31, 1999. The new jobs are in addition to the 208 jobs that existed at the time of the agreement to provide the loan. If the jobs are not created, then any loaned funds are to be paid back. The employment levels are to be maintained until the forgiveness date of June 1, 2002. The City and the State previously entered into an agreement regarding the loan. The City has no obligation to repay the loan but is responsible for reporting to the State on employment status during the term of the loan. Ms. Sherman noted that the Council approved the grant application for these funds in January 1997, but there was no follow-through on finalizing the actual loan agreement. No funds have been disbursed. Staff is recommending that Council approve the loan agreement and authorize the Mayor and City Administrator to execute the agreement. Upon inquiry, Ms. Sherman responded that she feels there is no issue with Vision-Ease being able to meet the requirements. Motion by Mayor Gamec and seconded by Councilmember Beyer to approve the Agreement for Loan of Minnesota Investment Fund between the City of Ramsey and Vision-Ease Lens, Inc. and to authorize the Mayor and City Administrator to execute the agreement. Motion carried. Voting Yes: Mayor Gamec, Councilmembers Beyer, Beahen, Haas Steffen and Zimmerman. Voting No: None. Case #2: Request for a Home Occupation Permit; Case of Christine Prigge (continued) Discussion ensued relating to the suggested language amendment to allow the hours of operation for Ms. Prigge's home beauty salon to be more flexible. Motion by Councilmember Haas Steffen and seconded by Councilmember Beyer to amend findings #9 to read: That the applicant proposes to service approximately 10 clients per week, Monday through Friday between 8:00 a.m. and 9:00 p.m., and Saturday from 8:00a.m. to 3:00 p.m. Motion carried. Voting Yes: Mayor Gamec, Councilmembers Haas Steffen, Beyer, Beahen and Zimmerman. Voting No: None. Motion by Councilmember Haas Steffen and seconded by Councilmember Beyer to adopt Resolution #98~12-306 adopting Findings of Fact #0482, as amended, relating to Christine Prigge's request for a home occupation permit. City Council/December 15, 1998 Page 6 of 13