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Minutes of the Economic Development Commission <br />City of Mounds View <br />Ramsey County, Minnesota <br />Regular Meeting <br />December 17, 1994 <br />City Hall <br />2401 Highway 10, Mounds View, MN 55112 <br />Call to Order: <br />The meeting was called to order at 6:30 p.m. by Vice -Chairperson, Ron Schmidt. <br />[ <br />Members present were as follows: Mark Malone, Peg Mountin, Dan Nelson, Ron Schmidt and Phil <br />Seipp. In addition, EDA Liaison Gary Quick and Economic Development Coordinator Cathy Bennett <br />were present. Members Rosemary Goff and Delane Welsch were not present. <br />Approval Of Minutes: <br />Motion/Second: Nelson/Malone moved approval of Minutes of EDC Meeting, November 17, <br />1994. <br />4 ayes 0 nays <br />Motion Carried <br />4. Special Business <br />A. Presentation Regarding Proposed Expansion of Dynex Industries <br />Brian Sjoberg, Secretary/Treasurer of Dynex Industries located on Mustang Drive in Mounds <br />View gave an overview of their proposed expansion. Dynex is fully developed at 25,000 <br />sq.ft currently and would like to expand by 50,000 sq.ft. Dynex would initially occupy <br />15,000 sq.ft. of their expanded space and lease the remaining with plans to expand into <br />those areas in the future. The expansion would consolidate their other Twin Cities locations <br />into one corporate headquarters facility in Mounds View with a total of 70 employees <br />initially. Dynex has approached the City for financial assistance. Since Dynex is not located <br />in a current TIF district, a typical development agreement would not be feasible. It was <br />recommended by staff that the City apply for an Economic Recovery Grant to provide Dynex <br />with a low interest loan. The grant amount would be for the maximum $500,000. <br />Coordinator Bennett mentioned that the City applied for the same grant for Wolf & <br />Associates. At that time there were no State funds available. Commissioner Malone <br />suggested that staff contact Wolf & Associates to see if they were still interested in <br />applying for the grant as well. Coordinator Bennett said that the City is not restricted to <br />applying for only one company but that only one grant per fiscal year is eligible to be <br />awarded to a City. Vice Chair Schmidt noted that Dynex has been an excellent corporate <br />citizen and taking measures to support their expansion is very valuable to the community. <br />Motion/Second: Nelson/Malone moved to direct staff to pursue and facilitate applications for <br />Economic Recovery Grant for Dynex Industries and Wolf & Associates. <br />4 ayes 0 nays <br />Motion Carried. <br />