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<br />. <br /> <br />RESOLUTION NO. 95-EDA2S <br /> <br />CITY OF MOUNDS VIE\V <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br /> <br />RESOLUTION APPROVING BUSINESS LOAN FOR DYNEX INDUSTRIES <br /> <br />\VHEREAS, Dynex Industries, located at 4751 Mustang Circle, has requested financial assistance <br />from the Mounds View Economic Development Authority, and <br /> <br />WHEREAS, Dynex Industries provides environmental and electrical services and rnanufactures <br />machines to recycle fluorescent light bulbs, and <br /> <br />WHEREAS, Dynex Industries is requesting the maximum loan of $50,000 to supplement a Small <br />Business Administration 504 Loan of $1.013,000, and <br /> <br />WHEREAS, Mounds View's Economic Development Authority would be responsible for $25,000 <br />at 2% interest and North Star Bank would be responsible for $25,000 at bank terms for ten years, and <br /> <br />WHEREAS, Dynex Industries has been approved by St.PaullMetro East Development Corporation <br />. for 40% of the project costs and by North Star Bank for 60% of the project costs, and <br /> <br />WHEREAS, Dynex Industries currently employs 45 people in Mounds View and anticipates <br />bringing 37 jobs to the area as a direct result of their expansion; and <br /> <br />WHEREAS, the expansion of Dynex is in conformance with the requirements of the business loan <br />program approved on June 5, 2995 per Resolution No 95-EDA27. <br /> <br />NOW, THEREFORE, BE IT RESOLVED THAT the Economic Development Authority hereby <br />approves a business loan for Dynex Industries in the amount of $50,000 of which $25,000 is the <br />Economic Development Authority I s participation to be funded out of existing tax increment district <br />dollars. <br /> <br /> <br />. <br />