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UNAPPROVED A <br /> EDA Page 2 <br /> 4111 <br /> Meeting No. 12 February 13 , 1995 <br /> 1 PUBLIC HEARINGS : <br /> 2 <br /> 3 There were no public hearings scheduled for this meeting. <br /> 4 <br /> 5 EDA BUSINESS : <br /> 6 <br /> 7 A. Consideration of Resolution No. 95-EDA21 Supporting <br /> 8 Application for the State of Minnesota Economic Recovery Grant <br /> 9 to Provide a Loan to Dynex Industries for Expansion of Local <br /> 10 Headquarters Facility <br /> 11 <br /> 12 Cathy Bennett, Economic Development Coordinator, reported that <br /> 13 Dynex Industries has been a local business since 1981. They <br /> 14 approached the City a few months ago with regards to expansion <br /> 15 of their current headquarters facility located at Mustang <br /> 16 Circle. Dynex Industries is an environmental and electrical <br /> 17 service company and recently began manufacturing a unique <br /> 18 machine that recycles fluorescent lamps . <br /> 19 <br /> 20 A typical development agreement would not be feasible because <br /> 21 Dynex is not located in a current Tax Increment District. The <br /> 22 Economic Development Commission is in support of taking <br /> 23 necessary measures to assist in the retention of Dynex and has • <br /> 24 passed Resolution No. 95-EDC3 in support of an application for <br /> 25 an Economic Recovery Grant from the Minnesota Department of <br /> 26 Trade and Economic Development. These grant funds are very <br /> 27 limited so it ' s imperative that a broad spectrum of support is <br /> 28 received. <br /> 29 <br /> 30 MOTION/SECOND: Hankner/Blanchard to Approve Resolution No. <br /> 31 95-EDA21 Supporting Application for the State of Minnesota <br /> 32 Economic Recovery Grant to Provide a Loan to Dynex Industries <br /> 33 for Expansion of Local Headquarters Facility <br /> 34 <br /> 35 Secretary Trude explained that this company employs <br /> 36 approximately 45 people in Mounds View and they hope to grow <br /> 37 by, perhaps, 25 jobs with this expansion. <br /> 38 <br /> 39 Commissioner Hankner noted that the business of recycling <br /> 40 fluorescent lamps will grow in the near future because the <br /> 41 legislature has prohibited the disposal of fluorescent lamps <br /> 42 in landfills. <br /> 43 <br /> 44 VOTE : 5 ayes 0 nays Motion Carried <br /> 45 <br /> 46 B. Consideration of Acceptance of Economic Development Commission <br /> 47 1995 Calendar, Bylaws , and Work Plan <br /> 48 <br /> 4111 <br /> 49 Cathy Bennett, Economic Development Coordinator, reported that <br /> 50 at the first regular meeting of the Economic Development <br />