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C <br />City Council Minutes <br />July 9, 1997 <br />Page 2 <br />33 <br />Motion was made by Councilmember Jacobs to approve Ordinance 97-05 and Resolution <br />97-29, adding Chapter 10 to the city code and allowing for summary publication. Motion <br />passed unanimously. <br />REPORT ON THE PROPOSED BUSINESS LOAN PROGRAM <br />1 <br />Administrator Hoyt reported that, at the council's request, city staff investigated the <br />possibility of beginning a loan program to provide reduced interest loans to city businesses <br />to make improvements on their property. Two property owners have in the past indicated <br />interest in obtaining a loan to improve the signs on their property (one of these property <br />owners has since proceeded with the improvements on his own.) Hoyt noted that <br />improvements to signs might market the city's commercial property better, but would not <br />directly increase jobs, significantly raise the market value of the property, or eliminate key <br />blight in the city unless they are well integrated into a larger community business district <br />plan. There would be a financial cost to the city to provide slow-interest loan to <br />commercial property owners. Hoyt also noted that the city is investing over 5650,000 in <br />physical improvements directly into the community business district as a part of the <br />Larpenteur Avenue project. None of these costs are being assessed to abutting business <br />owners. <br />Given the current interest level in a low interest loan program, the potential costs to the city, <br />and the substantial investment in the public improvements in the business district, the <br />council directed staff to postpone further work on a business loan program. If conditions <br />should change in the future, the idea can be re-examined. <br />REPORT ON THE STATUS OF THE 1997 CITY GOALS <br />Administrator Hoyt reviewed the 1997 city goals and updated the council on the progress <br />made toward them so far this year. <br />SCHEDULE FOR 1998 BUDGET WORKSHOPS <br /> <br />The 1998 goal setting workshop was re-scheduled from June 19 to June 26. The <br />remainder of the budget workshop dates will be held as previously scheduled. <br />ADJOURNMENT <br />The meeting adjourned at 8:38 p.m. <br />Carla Asleson <br />Recording Secretary <br />Susan L. Gehrz, Mayor <br />