City Council Agenda and Packet 1990 04 03

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• members names should also be included. Janes Kills, 374 Taft Court, representing the Library Board, stated the board would like to see the money that would be used for a plague go towards reference materials. After a lengthy discussion, Council agreed that Marschner draft up several plaques, then come back to Council with the designs. COMMUNITY DEVELOPMENT BLOCK GRANT - ECONOMIC DEVELOPMENT ASSISTANCE - G?'I - PUBLIC HEARING Mayor Fauson opened the public hearing. Certification of publication and notice of public hearing were established by the City Clark. Franklin stated the Office of Economic Development has been working with Good Technologies, Inc. to relocate to Colorado, and to the City of Louisville. OED and the Louisville Chamber of Commerce have assisted GTI in a site selection. OED is prepared to award • $100,000 working capital loan to GTI to assist in relocation and start-up. The loan is to be provided by way of a Community Development Block Grant through the City of Louisville. The City's role will be to conduct a public hearing regarding the appli- cation, apply for the grant and then adminis- ter the grant/loan. The Lafayette/Louisville Downtown Revitalization Board has offered to administer the loan it the City so desires. Howard asked if the state put this package together? Sharon Bowers, representing the Office or Economic Development, 1625 Broadway. This project was analyzed at the state level with local interest and the package was put to- gether by the state. This will create 29 full time jobs within two years. Howard asked if this means the city is taking out the loan? Bowers said the state will make the grant to the city and then the city would make a loan to the business. The city is not obligated except to service the loan. 3