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MAYOR <br />Ntichael I. FaLiey <br />~~~ ~ <br /> <br />COUNCtI. <br />13f,VCl'I}' $C112B <br />Jim LaVallc <br />Mutt Anderson <br />Riclc Mon[our <br />515 Little Canada Road, Little Canada, MN 55 1 1 7-1 600 <br />(651) 766-4029 /FAX: (651) 766-4048 <br />www.ci.little-canada.mn.us <br />MEMORANDUM <br />TO: Planning Commission Members <br />FROM: Joel fIanson, City Administrator <br />DATE: August 1, 2002 <br />RE: Draft Gnidelines for Business Revolving Loan Fnnd <br />ADMINISTRATOR <br />Joel R Hanson <br />At our 2002 Goal Setting session, a top priority of the City Council was the establishment of a Business <br />Revolving Loan Fund. In July, they review some guidelines we obtained from the City of Columbia <br />Heights. Based on those comments (a copy of the minutes from that discussion is attached for your <br />review), I have drafted the guidelines for your consideration. Please comment as you see fit. This <br />information will be forwarded to the Council for their consideration at a later date. <br />You will note that I did not completely follow their guidance with these revisions. Specifically, I did not <br />delete roofing, handicapped accessibility, and interior improvements for the eligible improvement listing <br />if these improvements are needed to address existing code deficiencies. My reasoning is that if certain <br />code violations exist, the business will have to address those concerns as part of our building inspection <br />process. My concern is we would seem to be remiss if we did not require the correction of life/safety <br />violations with a project we assisted in financing. This topic will merit further discussion by the policy <br />makers. <br />Another item I am still researching is the possibility of securing the City's (EDA's) portion of the loan <br />through a special assessment should a default occur. I have not included it in the guidelines yet and I will <br />have a report on this option available for Thursday's meeting. <br />If you have any questions prior to your meeting that you would like answered, please don't hesitate to <br />give me a call at (651) 766-4040. <br />52- <br />