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<br />RESOLUTION NO. 96-EDA50 <br /> <br />. <br /> <br />CITY OF MOUNDS VIEW <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br /> <br />RESOLUTION APPROVING BUSINESS IMPROVEMENT PARTNERSHIP LOAN <br />FOR MOUNDS VIEW FINA <br /> <br />WHEREAS, Mounds View Fina, owned and operated by Thomas L. Manke and Leon <br />M. Theis since 1993, has requested financial assistance from the Mounds View Economic <br />Development Authority, and <br /> <br />WHEREAS, Mounds View Fina is requesting the maximum loan of $50,000 for illterior <br />and exterior improvements to the gas station located at 2280 W. County Road I, and <br /> <br />WHEREAS, Mounds View's Economic Development Authority would be responsible for <br />$25,000 at 2 percent fixed interest and Western Bank would be responsible for $25,000 at 11 percent <br />fixed interest for ten years, and <br /> <br />WHEREAS, Western Bank has completed bank underwriting procedures for Mounds <br />View Fina which demonstrates their abiltiy to conform with the repayment schedule alld have <br />approved participation in the loan with the Mounds View Economic Development Authority, and <br /> <br />. WHEREAS, the Economic Development Commission Loan Committee, who asks as an <br />- advisory to the Economic Development Authority in reviewing loan applications, has reviewed the <br />loan and has recommended approval per Resolution No. 96-EDC-15; and <br /> <br />WHEREAS, the improvements to Mounds View Fina include interior remodeling, <br />adding new equipment, installing new gas tanks and adding a canopy, and <br /> <br />WHEREAS, Business Improvement Partnership Loan will allow Mounds View Fina to <br />complete the needed interior and exterior improvements, and <br /> <br />WHEREAS, the improvements are in conformance with the requirements of the <br />Business Improvement Partnership Program approved on June 5, 1995 per Resolution No 95- <br />EDA27. <br /> <br />NOW, THEREFORE, BE IT RESOLVED THAT the Economic Development <br />Authority hereby approves a Business Improvement Partnership Loan to Mounds View Fina ill the <br />amount of $50,000 of which $25,000 is the Economic Development Authority's participation to be <br />funded out of existing tax increment district dollars. <br /> <br />Adopted this 12t day of August, 1996. <br /> <br />. ATTEST: <br /> <br /> <br />(SEAL) <br /> <br /> <br />President . <br /> <br />~b:/' <br />