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MINUTES <br />CITY COUNCIL <br />MAY 10, 2005 <br />Planner and Park Consultant could put together the work scope in the <br />timeline. <br />Mr. LaValle introduced the following resolution and moved its adoption: <br />RESOLUTION NO. 2005-5-I09 -ADOPTING THE REDRAFTED <br />"UPGRADE LAND USE PLANS & ORDINANCES"ACTION PLAN <br />AS PRESENTED BY THE CITYADMINISTRATOR <br />The foregoing resolution was duly seconded by Montour. <br />Ayes (5) LaValle, Montour, Keis, Allan, Blesener. <br />Nays (0). Resolution declared adopted. <br />PUBLIC The City Administrator noted the action plan for "Improve Appearance <br />PROPERTY of Public Property" and asked if the Council had any changes or <br />APPEARANCE additions to this action plan. The Council found the action plan acceptable <br />as presented, and Blesener noted Chat the plan is flexible and could be <br />changed at any time. <br />TCCCT & The City Administrator reviewed his report dated May 6, 2005 relative <br />BUSINESS to the Twin Cities Capital Community Fund (TCCCF) and Little Canada's <br />REVOLVING Business Revolving Loan Fund. He noted that to participate in TCCCF, <br />LOAN the City would contribute (loan) money to the program and would then <br />PROGRAM be eligible to initiate project loans of up to 10 times the contribution <br /> amount to local businesses. These loans could be used for economic <br /> development projects relating to new building conshuction or rehab and <br /> renovation of existing buildings. The City could contribute $50,000, <br /> $100,000, or $200,000 to the fund. <br />The Administrator further noted that the debt would be subordinated to the <br />primary lender, thereby making the primary loan more attractive. The <br />interest rate for this loan would be'h% to 1% below the bank's lending <br />rate. The Administrator pointed out that if Che City chooses to participate <br />but then discovers the program is not achieving the desired benefit, the <br />entire contribution amount can be recovered after the three-year <br />commitment period has expired. However, no interest would be paid on <br />Che contribution amount. <br />The Administrator indicated that in addition to the cities listed in his <br />report, some of the neighboring cities are currently looking into this <br />program. <br />The Administrator suggested that TCCCF could be used to expand and <br />enhance the City's Business Revolving Loan Program. The Administrator <br />