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<br />RESOLUTION NO. 95-EDA32 <br /> <br />. <br /> <br />CITY OF MOUNDS VIEW <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br /> <br />RESOLUTION APPROVING BUSINESS IMPROVEMENT LOAN FOR FORCIA INC. <br /> <br />WHEREAS, Forcia Inc, who has owned Mister Donut in Mounds View since 1990, has requested <br />financial assistance from the Mounds View Economic Development Authority, and <br /> <br />WHEREAS, Forcia, Inc. is requesting the maximum loan of $50,000 for interior and exterior <br />improvements and to increase product line at independently owned Mister Donut store located at 2394 <br />Highway 10, and <br /> <br />WHEREAS, Mounds View's Economic Development Authority would be responsible for $25,000 <br />at 2 percent interest and Western Bank would be responsible for $25,000 at 11.25 percent interest for <br />five years, and <br /> <br />WHEREAS, Western Bank have completed bank underwriting procedures for Forcia Inc and have <br />approved participation in the loan with the Mounds View Economic Development Authority, and <br /> <br />WHEREAS, the Economic Development Commission, who asks as an advisory to the Economic <br />Development Authority, has reviewed the loan and has recommended approval per Resolution No. 95- <br />. EDC-ll; and <br /> <br />WHEREAS, the improvements will allow Forcia Inc. to join the Mid-Atlantic Bakery Co-op and <br />will change the store name to Donut Connection, and <br /> <br />WHEREAS, the change will facilitate significant exterior and interior aesthetics improvements, <br />new signage and equipment purchases, and <br /> <br />WHEREAS, the improvements are in conformance with the requirements of the business loan <br />program approved on June 5, 1995 per Resolution No 95-EDA27. <br /> <br />NOW, THEREFORE, BE IT RESOLVED THAT the Economic Development Authority hereby <br />approves a business improvement loan to Forcia Inc. 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 />ATTEST: <br /> <br />Adopted this 9th day of October, 1995. <br /> <br />C .../c k~ <br />/ ~ --c:'.. ; <br />,/ -4"-:"'-'"~-c,, 7. '__,,::,./A <br />// President <br />,/ <br />" <br /> <br /> <br />th... &~-l..(./}1_() <br />Executive Director <br /> <br /> <br />. (SEAL) <br />