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EDC RESOLUTION NO. 96-EDC15 <br />RESOLUTION RECOMMENDING APPROVAL OF A BUSINESS IMPROVEMENT <br />PARTNERSHIP LOAN TO MOUNDS VIEW FINA <br />WHEREAS, general partners Thomas L. Manke and Leon M. Theis, who have <br />operated the Mounds View Fina since 1993, has approached the City for a Business <br />Improvement Partnership Loan, and <br />WHEREAS, Mounds View Fina is requesting the maximum loan of $50,000 for <br />interior and exterior improvements to the gas station located at 2280 W. County Road I, and <br />WHEREAS, Mounds View's Economic Development Authority would be <br />responsible for $25,000 at 2% fixed interest rate and Western Bank would be responsible for <br />$25,000 at 11% fixed interest rate for ten years, and <br />WHEREAS, Mounds View Fina has been approved for the $25,000 loan by <br />Western Bank as well as additional financing for the project, <br />FRl <br />WHEREAS, Mounds View Fina will be remodeling the interior, adding new <br />equipment and fixtures, installing new gas tank and adding a canopy as part of their <br />improvement project; and <br />WHEREAS, Mounds View's Business Improvement Partnership Loan will allow <br />Mounds View Fina to complete the needed interior and exterior improvements, and <br />WHEREAS, the Economic Development Commission Loan Committee believes <br />that assisting Mounds View Fina will benefit the entire community of Mounds View by <br />improving the aesthetics of the commercial sector in Mounds View thereby increasing the tax <br />base. <br />NOW, THEREFORE, BE IT RESOLVED THAT the Economic Development <br />Commission hereby recommends approval of a $50,000 Business Improvement Partnership <br />Loan which includes $25,000 Economic Development Authority participation and $25,000 <br />Western Bank participation. <br />Adopted by the Econo c Developmr� t Commission of the City of Mounds View this <br />12th Vay�f August, 1996. <br />ATTEST: <br />t <br />(SEAL) <br />Econ i Development Coordinator <br />