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MOliNDS VTEW ECONOMIC DEVELOP�1�IEti'T AUTHORITY <br />�EQliEST FOR �DA C4�SI�ER�TIOti <br />ST�FF REPORT <br />EDA �fEETP� (G DATE February 13, 1995 <br />ED�. .-�.�tion: <br />IJ Special Order o[ Business <br />❑ Public Hearin�s A�enda Se�tion: 7.A <br />Report Numbe:: EDA-95-30C <br />'! Consent ;��c►icl;i Rcporc Datc: 2-8-95 <br />!� CDA Busiu�ss <br />Itciti Dc:scriptioit: Consideration of Resolution No. 95—EDA21 Supporting Application for <br />Economic Recovery Grant <br />E�cecu�ivc Director's Review/Recommendatio . <br />- No commencs to supplement tliis reD t ' <br />- CVI1111I1:ilCS :ll[:1C:�Il'Cl <br />Lspia�i:lUU(1/SUAlill:]n,' (att�ch supplcmc:n� �hcets :a nccessary� <br />S I11�1;�1,� RY: <br />Dynex Industries, a local Mounds View business since 1981, approached <br />the City with regards to expansion of their current headquarters <br />facility located at 4751 Mustang Circle. Dynex Industries is an <br />environmental and electrical services company,and recently began <br />manufacturing a unique machine that recycles fluorescent lampse <br />Dynex was interested in ways that the City could assist in their <br />expansion. Unfortunately, since Dynex is not located in a current Tax <br />Increment District, a typical development agreement would not be <br />feasible. Dynex is currently fully developed at 25,000 sq. ft. and <br />would like to expand by 50,000 sq. fte Dynex would initially occupy <br />15,000 sq. ft. of their expanded space and lease the remaining with <br />._plans to expand into those areas in the future. The expansion would <br />�consolidate their other Twin Cities locations into one corporate <br />headquarters facility in Mounds View with a total of 70 employees <br />initially< <br />The Economic Development Commission is in support of taking necessary <br />measures to assist in the retention of Dynex and has passed Resolution <br />No. 95-EDC3 in support of an application for an Economic Recovery <br />Grant from the Minnesota Department of Tracie and Economic Development. <br />The grants are awarded to local government units who then make gap- <br />financing loans to assist new or expanding businesses. The approval <br />Cathy Bennett, Economic Development Coordinator <br />RECOi�i�1E�1D.-�TIO�: <br />Approve/Disapprove Resolution No, 95-EDA21 Approving the Application <br />of the State of Minnesota Economic Recovery Grant to Provide a Loan <br />for the Expansion of Dynex Industries <br />