HomeMy WebLinkAbout12-065 Revolving Loan Fund Guidelines
4646 Dakota Street SE
Prior Lake, MN 55372
RESOLUTION 1 2 - 065
A RESOLUTION
ADOPTING THE CITY OF PRIOR LAKE
ECONOMIC DEVELOPMENT REVOLVING LOAN FUND GUIDELINES
Motion By: Soukup Second By: Keeney
WHEREAS, on May 22, 1995 the Prior Lake City Council approved a Prior Lake Revolving Loan Fund
Pla n, to be used to assist businesses that will create jobs and alleviate economic distress
or address other urgent community development needs; and
WHEREAS, the Prior Lake Revolving Loan Fund Plan was previously approved in connection with a
federal grant from the Minnesota Department of Employment and Economic Development
(DEED) for the benefit of EM Products with repayment of those loan funds to stay with
Prior Lake as a revolving loan fund program , and Prior Lake also received a state grant
from DEED for the benefit of NBC Products with repayment of those funds to stay with
Prior Lake as a revolving loan fund program; and
WHEREAS, the purpose of the Revolving Loan Fund Guidelines is to establish one master document
for federal and state funds that inc ludes policies and procedures to regulate, coordinate,
and facilitate the workflow for underwriting new financing requests, servicing revolving
loans, and ensuring borrower compliance with loan terms and conditions; and
WHEREAS, the Economic Developme nt Authority of the City of Prior Lake reviewed the Guidelines at
its April 9, 2012 meeting and unanimously approved them and directed that they be
forward ed to City Council for final approval.
NOW THEREFORE , BE IT HEREBY RESOLVE D BY THE CITY COUNCI L OF PRIOR LAKE,
MINNESOTA as follows:
1. The recitals set forth above are incorporated herein.
2. The City Council of the City of Prior Lake hereby adopts the Prior Lake Economic Development
Revolving Loan Fund Guidelines.
PASSED AND ADOPTED THIS 7 th DAY OF May, 201 2 .
YES NO
Myser X Myser
Erickson X Erickson
Hedberg X Hedberg
Keeney X Keeney
Soukup X Soukup
______________________________
Frank Boyles, City Manager