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EDC RESOLUTION NO. 95-EDC9 <br />RESOLUTION RECOMMENDING AMOUNTS TO FUND THE BUSINESS LOAN <br />PROGRAM FOR 1995 AND 1996 <br />WHEREAS, on February 13, 1995, the Economic Development Authority approved the <br />pursuit of a small business loan program for Mounds View businesses, and <br />WHEREAS, City staff have been working with representatives from the Economic <br />Development Commission and development attorney from Briggs and Morgan to develop the <br />legal documents and agreements for the business loan program, and <br />WHEREAS, to fund the program, the Economic Development Commission determined <br />that a minimum of 4 maximum loans in the remaining of 1995 and 12 maximum loans in 1996 <br />could be issued through the program, and <br />WHEREAS, funds for the program would come from excess tax increment financing <br />dollars generated by development districts in the City, and <br />WHEREAS, The Economic Development Commission's mission includes the promotion <br />of a positive economic climate which retains and expands existing businesses; and <br />WHEREAS, the Economic Development Commission believes that offering a competitive <br />program to assist businesses would enhance the economic climate of the City. <br />NOW, THEREFORE, BE IT RESOLVED THAT the Economic Development <br />Commission hereby recommends $100,000 for 1995 and $300,000 for 1996 to be set aside to <br />fund the Mounds View Business Loan Program. <br />Adopted by the Economic Development Commission of the City of Mounds View this <br />25th day of May, 1995. <br />ATTEST: <br />(SEAL) <br />