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� /t <br />-� MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORIT'� <br />f <br />�. �tEQUEST FOR EDA CONSIDERATION <br />- STAFF REPORT <br />EDA M��TING DATC June 13, 1994 <br />EDA Action: <br />❑ Special Order of Busiiiess Agenda Section: �• B <br />❑ Public I-Iearinbs Report Number: EDA— — <br />❑ Conscnt Agc:ncla Repor[ Da�c: — — <br />�] �DA Busiucss <br />Itcm Dcscriptiou: �onsideration of EDA Resolution No. 94—EDA9 Approving the Application of th <br />State of Minnesota Economic Recovery Grant to Provide a Loan for the Expansion of Wolff <br />Executive Director's Review/Recommendation: <br />- No comments to suppleuient tliis report �'`---- .: <br />- Comnieuts attaciieci � <br />� <br />L?Cp�II(lil[IOII/SUI11Rltlij� (atLich supplemcnl sheeis ;u nec;essary) <br />S Ui�iN[ARY: <br />Wolf & Associates, a local Mounds View business since 1987, is considering the expansion and <br />reconfiguration of their current facility located at 486o Mustang Circle. Wolf & Associates is a unique <br />national material handling systems company for the pulp and paper, power generation, mining, and <br />resource recovery industries. They employ approximately 45-50 employees in Mounds View <br />including assembly, fabrication, engineering and general office positions. <br />Wolf & Associates would like to stay and grow in Mounds View but need some additional financing <br />assistance to proceed. In consideration of this, Mounds View has an opportunity to apply for an <br />economic recovery grant through the State Department of Trade and Economic Development. The <br />grants are awarded to local government units who then make gap-financing loans to assist new or <br />expanding businesses. The approval process is very competitive due to a limited amount of funds. <br />The resolution will serve as assurance that the City of Mounds View's EDA is supportive of Wolf and <br />Associates and has an urgent need for the grant funds. The resolutio.n, along with letters of support, <br />will accompany the grant application. <br />� ____, �__� <br />Cathy Benn , conomic Development Coordinator <br />RECOMMENDATION: <br />Staff is recommending that the EDA adopt Resolution No. 94-EDA9 Approving the Application of the <br />S+ate of Minnesota Economic Recovery Grant to Provide a Loan for the Expansion of Wolf & <br />-._e,iria±ec <br />