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MINUTES OF THE WORKSHOP MEETING <br />CITY COUNCIL <br />LITTLE CANADA, MINNESOTA <br />August 4, 1987 <br />Pursuant to due call and notice thereof a workshop meeting of the <br />Council of the City of Little Canada, Minnesota was held on the <br />4th day of August, 1987 in the Council Chambers of the City Center <br />located at 515 Little Canada Road in said City. <br />Mayor Michael Fahey chaired the meeting and called it to order at <br />7:10 A.M. and the following members of the Council were present at <br />roll call: <br />MEMBERS PRESENT: Mayor <br />Councilman <br />Councilman <br />Councilwoman <br />MFMBERS ABSENT: Councilman <br />ALSO PRESENT: City Clerk <br />Economic Develop. Comm. <br />Economic Develop. Comm. <br />Economic Develop. Comm. <br />Recording Secretary <br />Mr. Michael Fahey <br />Mr. LJilliam Blesener <br />Mr. Jim LaValle <br />Mrs. fteverly Scalze <br />Mr. Rick Collova <br />Mr. Joseph Chlebeck <br />Ms. Chris P4ahai <br />Mr. Gene DeLonais <br />Mr. Larry Lee <br />Mrs. Kathleen Glanzer <br />Mr. Pat Pelstring, Business Development Services, presented the Council <br />with background information on various State, Federal and local <br />financing programs which could be applicable to development in Little <br />Canada. These include Tax Increment Financing, SBA 503/504 Loan <br />Program, SBA Guaranteed Loan Program and Minnesota Small Business <br />Development Loan Program. Pelstring reviewed each of these programs <br />extensively with the Council as outlined in his July 31, 1987 memo. <br />Larry Lee questioned the benefit of the use of SBA financing programs, <br />feeling that cost of these programs outweighed the benefit. Lee a1so <br />pointed out that if the only financing a business might qualify for <br />is SBA financing, that business might be marginal to begin with. <br />Pelstring pointed out that with the combination of SBA financing as <br />well as tax increment financing, the City may be able to put together <br />an attractive proposal for a developer in which the developer would <br />have little or no down-payment. <br />Lee reported that tax increment financing was the most important tool <br />the City could use and pointed out instances where other cities have <br />used tax increment financing in order to attract anchor tenants to <br />retail areas, thus making the area more attractive to other business. <br />Lee also felt that there would be future changes in the industrial <br />revenue bond law that would make these bonds more attractive to <br />business. <br />Page -1- <br />