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10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />29 <br />30 <br />31 <br />32 <br />33 <br />34 <br />35 <br />36 <br />37 <br />38 <br />39 <br />40 <br />41 <br />42 <br />43 <br />44 <br />45 <br />City Council Regular Meeting Minutes <br />March 26, 2013 <br />Page 2 <br />None. <br />V. REPORTS FROM COMMISSION AND STAFF. <br />None. <br />VI. GENERAL BUSINESS OF COUNCIL, <br />A. Open to Business Program. Rob Smolund, Open to Business, presenting, <br />Mayor Faust introduced Mr. Rob Smolund from Open to Business. <br />Mr. Smolund explained that Open to Business is a unique program geared toward helping cities <br />expand their economic development efforts by offering financing options to entrepreneurs. He <br />stated the program is subsidized through the Hennepin County Housing and Redevelopment <br />Authority and provides free, unlimited 1:1 technical assistance in areas such as financial <br />management, loan packaging, and business plan development. He stated the program is <br />currently offered in 17 Hennepin County cities as well as Carver and Dakota Counties and the <br />program offers loans up to $25,000 for new and emerging businesses and also provides <br />assistance with bank financing. He advised that the Hennepin County Housing and <br />Redevelopment Authority has committed funds to continue supporting the program and <br />communities participating in the program pay an annual fee based on population. Iie indicated <br />that Open to Business provided 1,100 hours of technical assistance in suburban Hennepin County <br />during 2012 and helped 252 businesses and entrepreneurs; in addition, 97 jobs were created and <br />retained and $950,000 in direct and facilitated financing was provided to businesses. Ile added <br />that information regarding Open to Business is available at City Hall and on the City's website. <br />Councilmember Stille requested that Mr. Smolund make a presentation regarding Open to <br />Business at a future Kiwanis meeting. <br />Mayor Faust felt that the City's investment of $2,200 in the Open to Business program was a <br />good investment in the City's continuing efforts to grow a healthier community. <br />B. Resolution 13-033, Resolution Authorizing Issuance, Awarding Sale, Prescribing the <br />Form and Details and Providing for the Payment of $1,810,000 General Obligation <br />Bonds Series 2013B. Stacie Kvilvang, Ehlers & Associates, presenting. <br />Ms. Kvilvang presented the sale of $1,775,000 General Obligation Bonds, Series 2013B, for the <br />2013 road reconstruction project and advised that a rating call with S&P was held on Monday <br />and the City's AA rating was upheld. She stated this rating reflects the City's very good income <br />levels and healthy financial profile and fund balance. She advised the sale was held at 10:00 <br />a.m. today and six bids were received with United Bankers Bank emerging as the lowest <br />responsible bidder at 1.9%. <br />