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EDC RESOLUTION NO. 95-EDC12 <br />RESOLUTION APPROVING THE ESTABLISHMENT OF A LOAN COMMITTEE <br />WHEREAS, per the Mounds View Municipal Code Chapter 408.09, section 0(12), the <br />Economic Development Commission shall have the power to appoint task forces of a size and nature it <br />may deem necessary, and <br />WHEREAS, the Economic Development Commission advises and makes recommendations to the <br />Economic Development Authority on matters pertaining to the economic development activities in the <br />City of Mounds View, and <br />WHEREAS, the Economic Development Commission reviews the applications for the Business <br />Improvement Partnership Loan provided by the City of Mounds View and makes recommendations for <br />approval/denial to the Economic Development Authority, and <br />WHEREAS, applications received for the Business Improvement Partnership Loan may not coincide <br />with the meeting dates for the EDC to allow a recommendation to be made prior to an EDA meeting, <br />and <br />WHEREAS, establishing a loan committee, consisting up of at least four EDC members, will allow <br />for a more expedient and business friendly process for approval/denial of Business Improvement <br />Partnership Loans, and <br />WHEREAS, the loan committee may discuss loan applications at a time convenient for at least four <br />EDC members either through a meeting or conference call, and <br />WHEREAS, loan applicants will still be required to present their proposal and gain approval/denial <br />from the EDA prior to issuance of a loan. <br />NOW, THEREFORE, BE IT RESOLVED THAT the Economic Development Commission hereby <br />approves the establishment of a loan committee to review applications received for the Business <br />Improvement Partnership Program. <br />Adopted by the Economic Development Commission of the City of Mounds View this <br />28th day of September, 1995. <br />ATTEST: <br />Chair nv <br />(SEAL) <br />Economic D4ejbptfient Coordinator <br />