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MINUTES <br />CITY COUNCIL <br />SEPTEMBER 14, 2011 <br />GRABA The City Administrator noted that at the August 29111 Special Council <br />PROPERTIES meeting, the Council approved an amended spending plan for TIF <br />LOAN District 3 -2 relative to an increased loan amount for Graba Properties in <br />DOCUMENTS the amount of $262,143.48. The Administrator pointed out that the <br />increase in the loan covers build -out costs so that the building can be fully <br />leased as well as covers the cost of additional SAC charges. The <br />Administrator submitted to the Council proposed loan documents for the <br />closing of this loan, indicating that these documents were prepared by the <br />City Attorney. The Administrator recommended approval of these loan <br />documents, and indicated that the closing will likely occur next week. <br />Blesener pointed out that the Legislature approved legislation allowing <br />cities to make loans of excess TIF dollars in order to spur small business <br />growth. The Administrator replied that that was correct and noted that this <br />legislation was extended during the last session. Blesener noted that this <br />property is the former Knox building and pointed out the extensive <br />improvements that were made to the building. <br />The Administrator indicated that the loan is amortized on a 15 year <br />schedule but it balloons on October 15, 2015. The loan will be <br />subordinate to the bank mortgage and the SBA loan on the property, but <br />will be superior to some personal debt on this property. <br />Blesener introduced the following resolution and moved its adoption: <br />RESOLUTION NO. 2011 -9 -188 — APPROVING THE GRABA <br />PROPERTIES LOAN DOCUMENTS AND AUTHORIZING THE <br />MAYOR, CITY ADMINISTRATOR, AND /OR FINANCE DIRECTOR <br />TO EXECUTE THESE DOCUMENTS ON BEHALF OF THE CITY <br />The foregoing resolution was duly seconded by Boss. <br />Ayes (4). <br />Nays (0). Resolution declared adopted. <br />ADJOURN Blesener introduced the following resolution and moved its adoption: <br />RESOLUTION NO. 2011 -9 -189 — ADJOURNING <br />The foregoing resolution was duly seconded by McGraw. <br />Ayes (4). <br />Nays (0). Resolution declared adopted. <br />9 <br />