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Item Numbers: 6C <br /> Meeting Date: February 15, 2008 <br /> Type of Business: EDC <br /> City of Mounds View Staff Report <br /> To: Economic Development Commission <br /> From: Heidi Steinmetz, Economic Development Specialist <br /> Item Title/Subject: Discuss Business Improvement Program Interest Rate <br /> Background: <br /> The Mounds View Business Toolbox is a document that was developed in early 2007 as <br /> a financial and technical resource guide for existing and prospective Mounds View <br /> businesses. The EDA last reviewed the attached document in April of 2007 and <br /> directed staff to obtain the EDC's input on the Business Improvement Program interest <br /> rate of 2% and whether or not the rate is appropriate. It was also the consensus of the <br /> EDA that the Toolbox remains an internal document to the City of Mounds View. The <br /> 411) Toolbox is still in draft form. <br /> Discussion: <br /> The Business Improvement Program text is located on Page 7 of the draft Mounds View <br /> Business Toolbox. Although staff and the EDA is requesting input on this particular <br /> program's interest rate, it may be beneficial for newly appointed Commissioners Larson <br /> and Wagner to review the entire document for future reference. <br /> Recommendation: <br /> Staff recommends that the EDC provide input on the Business Improvement Program <br /> interest rate. Staff will report the EDC's input to the EDA on February 25th and will <br /> request that the EDA formally adopt the document. <br /> Attachment: <br /> • Mounds View Business Toolbox, Draft as of April 2007 <br /> Respectfully submitted, <br /> Heidi Steinmetz <br /> Economic Development Specialist <br />