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MINUTES <br />CITY COUNCIL <br />APRIL 28, 2004 <br />BUSINESS The City Administrator reported that he met with representatives of US <br />REVOLVING Bank a few weeks ago relative to the Business Revolving Loan Fund <br />LOAN FUND guidelines. On Monday afternoon, he received a fax suggesting changes <br />to the guidelines to address liability and responsibility issues. The <br />Administrator reported that the recommended changes do not change the <br />essential terms of the program. The Administrator reported that the <br />program would involve a matching loan from the City up to $25,000 at a <br />2% interest rate. The City's loan would be subordinate to US Bank's, or <br />any participating bank's loan. The City would rely on the bank's <br />underwriting in processing loans. Loans would be made for <br />improvements that are aesthetic in nature. The Administrator indicated <br />that the source of financing for the City's loans would be the developer's <br />fee from Presbyterian Homes' Mayfield project. There would be no <br />taxpayer money utilized as part of this loan program. <br />Fahey felt that the City should move slowly with this program. The City <br />Administrator was unsure as to the demand that would be made on the <br />program pointing out that the City of Columbia Heights has had not loan <br />requests under their program. <br />The City Administrator suggested that he modify the program documents <br />based on the suggestions made by US Bank, and bring the program back <br />to the Council for action. He also indicated that he would confirm with <br />Briggs and Morgan the viability of the funding source. The City <br />Administrator also suggested that if the City proceeds with a home <br />improvement program, it may want to utilize the same funding source <br />balancing loan awards between the two programs. <br />2004 Mr. Fahey introduced the following resolution and moved its adoption: <br />CRACK <br />FILLING RESOI UTIONNO. 2004-4-87-AWARDING THELOWI37D FOR <br />2004 CRACK FII LING TO NORTHWEST ASPHALT <br />MAINTENANCE AS RECOMMENDED I3Y CITY b`TAFF <br />The foregoing resolution was duly seconded by Blesener. <br />Ayes (4) Fahey, Blesener, Montour, Anderson. <br />Nays (0). Resolution declared adopted. <br />RESCHEDULE Mr. Blesener introduced the following resolution and moved its adoption: <br />MAY I2'~" <br />COUNCIL RE.SOLUTIONNO.2004-4-88-RESCHEDULING THE <br />MEETING WEDNESDAY, MAY 12, 2004 COUNCIL, MEETING TO TUESDAY, <br />MAY II, 2004 AT 8:00 P.M. <br />14 <br />