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EDA RESOLUTION NO. 95-EDC3 <br />RESOLUTION NO. 95-EDC3 SUPPORTING THE APPLICATION FOR THE STATE <br />OF MINNESOTA ECONOMIC RECOVERY GRANT TO PROVIDE A LOAN TO <br />DYNEX INDUSTRIES <br />WHEREAS, Dynex Industries, a local business in Mounds View since 1985, is <br />considering the expansion of their current facility located at 4751 Mustang Circle and is in <br />need of gap financing to enable expansion in Mounds View; and <br />WHEREAS, Dynex Industries is an environmental and electrical engineering contracting <br />company that also manufactures a fluorescent light bulb recycling machine with distribution <br />and service nation wide; and <br />WHEREAS, Dynex Industries will be consolidating offices in Blaine, Arden Hills and <br />Fridley to Mounds View upon the completion of a successful expansion, and <br />WHEREAS, the Economic Development Commission's mission includes the promotion of <br />a positive economic climate which retains and expands existing businesses; and <br />WHEREAS, The City of Mounds View will be applying for an Economic Recovery Grant <br />from the Minnesota Department of Trade and Economic Development to make a low-interest <br />loan to Dynex Industries and establish a revolving loan fund; and <br />WHEREAS, such an endeavor would be in the best interest of the City to ensure the <br />retention and addition of 70 high quality jobs. <br />NOW, THEREFORE, BE IT RESOLVED THAT the Economic Development <br />Commission hereby supports the City of Mounds View's application for an Economic <br />Recovery Grant from the Minnesota Department of Trade and Economic Development to <br />provide a low interest loan to Dynex Industries. <br />Adopted by the Economic Development Commission of the City of Mounds View this <br />26th day of January, 1995. <br />ATTEST: <br />Chair <br />(SEAL) <br />Economic Alopment Coordinator <br />