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D. Consideration of Business Loan For Dvnex Industries <br />Coordinator Bennett explained that Dynex Industries approached the City for assistance in the <br />expansion of their current headquarters facility 4751 Mustang Circle. After discussions with <br />Dynex on structuring their financing, it was decided that they would fund the project through <br />the SBA 504 program. Through this program SBA will provide 40% of the project costs, theJ <br />�� bank will prov' /o of the project costs and Dynex will fund the remainder with equity. <br />Jnder A guidelines a City revolving loan can be considered as the equity portion of the o <br />financing. Therefore, Dynex is requesting the maximum loan of $50,000 of which the City's <br />participation would be $25,000 at 2% interest for 10 years. North Star Bank will provide the <br />remaining balance at 9 and 5/8 percent for 5 years with an adjusted rate for the remaining 5 <br />years. <br />Dynex has been approved by SBA and North Star Bank. <br />Motion/Second: Goff/Welsch moved to approve a business loan MVBL-1, in the amount of <br />$50,000, for exterior improvements of Dynex Industries. <br />6 ayes 0 nays <br />Motion Carried <br />E. Discussion of Retention Mgg1jU s <br />Coordinator Bennett gave a brief overview of the business retention calls in April and May and <br />discussed the targeted companies to meet in June. Each commission member gave coordinator <br />Bennett four dates in June when they would be available to participation in interviews. <br />6. Reports From Chair, Commissioners and Staff: <br />There were no reports <br />Adjournment <br />There being no further business before the Commission, this meeting of the Economic Development <br />Commission adjourned at 7:55 p.m. <br />Respectfully Submitted, <br />Economic ble pment Coordinator <br />