Laserfiche WebLink
�U�7 C)�`� <br />C)�UJ�v,��i,);:; <br />.� <br />"� r�; �n� <br />•,� (�,�,UU <br />~�if'rQfs , Partoc<s\��eS <br />: _ .. <br />ECONOMIC DEVELOPMENT AUTHORITY <br />REQUEST FOR EDA CONSIDERATION <br />STAFF REPORT <br />EDA MEETING DAT� <br />Au u� st l2, 1996 <br />Agenda Section 7a <br />Report Nuinbec:EDA96-SSc <br />Report Date: 8/12/96 <br />Special Order of Bus. <br />Consent Agenda <br />Public Hearings <br />X �DA Business <br />Item Description: Consideration of Business Improvement Partnership Loan to Mounds View Fina <br />Executive Director's Review/Recommendation: <br />-No Comments to supplement this report <br />-Comments attached. <br />Explanation/Summary (attach supplement sheets as necessary) <br />Summary: <br />Owners of Mounds View Fina, Thomas Manke and Leon Theis have been in contact with Western Bank for several <br />months regarding the expansion of the their gas station located at 2280 W. County Road I. Western Bank suggested <br />they review the possibility of applying for the City's Business Improvement Partnership Program to finance part of their <br />expansion and remodel. <br />Since Mounds View Fina is now fully approved by the City to construct a canopy, they are now in a position to request <br />financial assistance from the City to complete the remodeling and expansion of the gas station. The applicant is <br />requesting the maximum loan of $50,000. The City's participation would be $25,000 at 2% fixed interest for ten years <br />and Western Bank's participation would be 11 % fixed interest for ten years. I have attached a summary report from <br />Western Bank explaining the structure and terms of the loan for your review. Western Bank has approved participation <br />in the loan as well as additional financing for the project. <br />The improvements include interior and exterior remodeling, installation of new counters, coolers, fixtures, blacktop, <br />islands, tanks, pumps and canopy. This project meets the goals of the program by enhancing the aesthetics of property <br />and improving the commercial tax base. <br />The EDC loan committee (comprised of 4 members of the EDC) held a meeting this morning at 7:30 am to review <br />financials, discuss the projects eligibility as part of the program objectives and discuss the company's ability to repay the <br />loan. All of the criteria for approving the loan have been met and the EDC loan committee is recommending approval of <br />the application to the EDA with a motion made by chairperson Dan Nelson and seconded by Rosemary Goff. I have <br />attached a copy of the EDC resolution making this recommendation. <br />Ex t� e Director <br />RECOMMENDATION: Approve Resolution No, 96-EDA 50 Approving a Business Improvement Partnership Loan <br />for Mounds View Fina <br />