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5. EDC Business: <br />A. Consider Draft Business Assistance Program for Existing Businesses in the <br />City of Mounds View. <br />Coordinator Bennett presented an outline of the Business Loan Program discussed at <br />the November meeting. The outline presents goals, eligibility requirements, qualified <br />improvements, terms of the loan interest rate and how to apply. The key element of the <br />program are for exterior and interior improvements geared toward existing businesses in <br />Mounds View. Commissioner Malone noted that the EDA should consider a program that is <br />community oriented with a break-even philosophy. This would be a business friendly program <br />that encourages improvement to property for the betterment of the entire community. <br />Motion/Second: Malone/Mountie to approve the draft Business Loan Program with the <br />following amendments. <br />Eligibility Requirements - Existing MV business - at least two years <br />Delete sales amount under small business <br />Qualified Credit History - Loan "request" package required <br />Interest Rate: Change to "City Participate at 50% of the total loan request <br />at a below market interest rate." <br />5 ayes 0 nays <br />Motion Carried <br />B. Consideration of Resolution No 94-EDC3 in Support of the Mounds View Business <br />Association. <br />Motion/Second: Nelson/Mountin move to table resolution No. 94-EDC3. <br />5 ayes 0 nays <br />Motion Carried <br />C. Consideration of the Economic Opportunities of Purchasing Blighted or Non -Conforming <br />Parcels of Property in the City of Mounds View. <br />Coordinator Bennett noted that there were several vacant properties in Mounds View that <br />have the potential for redevelopment. Commissioner Mountin feels it is important to <br />discuss the pros and cons for the City of proactively purchasing property that may be in a <br />potential redevelopment area. The basic premise is to purchase the property when it is for <br />sale rather than wait until the property is occupied. Once property is occupied, relocation <br />costs would need to be incurred and it can become very expensive. There was discussion <br />regarding property along Old Highway 8 and the development opportunity in this area. <br />The commission directed staff to gather research with regards to redevelopment in the area <br />and contact other Cities who may have implemented a similar strategy. <br />Motion/Second: Nelson/Seipp move staff to research the redevelopment opportunity for <br />property along Highway 8. <br />5 ayes 0 nays <br />Motion Carried <br />