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RESOLUTION <br /> WHEREAS, The Region 5 Development Commission is pursuing recapitalization of the <br /> Regional Revolving Loan Fund, and <br /> WHEREAS, The Regional Development Commission has approaced the City Council of <br /> the City of Pequot Lakes regarding the potential of recapitalizing the revolving loan <br /> fund, and <br /> WHEREAS, The revolving loan fund cannot be targeted to a specific community or area, <br /> and thus will be administered on a first-come, first-served basis, and <br /> WHEREAS, the city supports the concept of such a revolving loan fund, and <br /> WHEREAS, the city is actively pursuing economic development, and <br /> WHEREAS, Access to the revolving loan fund would provide the city with an additional <br /> tool for promoting local business development. <br /> NOW, THEREFORE BE IT RESOLVED that the City Council of the City of Pequot Lakes <br /> pledges 25% of the financing, up to a maximum of $5,000.00, to the revolving loan <br /> fund for financing a project which is acceptable to the city. <br /> Motion by D. Headlee and seconded by D. Good to adopt the above resolution on the <br /> 27th day of December, .1990, at the year end meeting of the P t Lakes City Council. <br /> Motion carried unanimously. <br /> Larry alter, yor <br /> ce( ■ <br /> Terri Russell, City Clete.- <br />