Laserfiche WebLink
t M�liNDS VIE�' ECONOMIC DEVELOPMEti'T AL7THORITY <br />REQliEST FOR EDA CrJNSII3ERATION <br />S'I'�FF REPORT <br />EDA �1EETL'JG DATE_ February 13, 1995 <br />EDA Action: <br />❑ Special Order of Business Abenda Section: 7. E <br />❑ Public Hearings Report Number: EDA-95-34C <br />❑ Consent Agencla Report Date: 2-8-95 <br />[g CDA Busiucss <br />Item Dcscrip�io�i: Consideration of Resolution No. 95—EDA23, �Supporting the Pursuit of a Smal <br />�usiness Loan Pro�ram for Mounds View Businesses as Recommended by the EDC <br />Exc:cutive Director's Review/Recommendatio • <br />- No comments to suppleIIient tliis report <br />- Cu�i�n�cnts a[tacl�ecl <br />Lxpian.l[10Ii/SUnlAl.lry �attach suppl�m�nt sheets :u nccessary� <br />SU�Ii�L-�RY: <br />At the February 6, 1995 work session, EDC member Mark Malone, gave an overview of the Economic <br />Development Corporation's recoinmendation to implement a small business loan program for Mounds View <br />businesses. <br />This recommendation was made as a result of reviewing current incentive programs available to local businesses and evaluating <br />loan programs implemented in other metro cities. The EDC felt it was important to pi•ovide a program that would visibly <br />benefit the enhancement of Mounds View's small businesses and would also seod a message to the businesses that their success <br />is important to the overall prosperity of the City. In addition, the program fulfills one of the action steps of the Focus 2000 <br />Implementation Plan for economic development. <br />I have attached the basic para►neters of the proposed program which includes the goals, the eligibility requirements, qualifying <br />improvements and the terms of the loan. In a nutshell, it is proposec] that the EDA provide.low interest loans, which will be <br />matched by participating banks, to existing Mounds View husinesses for interior and exterior improvements. This type of <br />arrangement will assist in modernizing and upgrading both exterior and interior existing struch�res and enhance both the <br />businesses and the City's image. <br />The attachecl resolution supports the concept of the loaa program and will enable the EDC and City staff to pursue the legal <br />and tinancial structuring of the program. <br />Once the legal and financial documents have heen prepared, the program will be brought to the EDA for tinal approval. <br />Cathy Bennett, Economic Development Coordinator <br />REC.011;�1 E�(DAT] O N: <br />Approve\Disapprove Resolution No. 95-EDA22, siipporting the pursuit of a small business loan program for Mounds <br />View's businesses. <br />