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MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY <br /> REQUEST FOR EDA CONSIDERATION <br /> io , TAF REPORT <br /> EDA MEETING DATE October 9, 1995 <br /> EDA Action: <br /> © Special Order of Business Agenda Section: 7.A <br /> O Public Hearings Report Number. EDA-95-41C <br /> 12 Consent Agenda Report Date: 10-5-95 <br /> ® EDA Business <br /> Item Description: • <br /> Consideration of Resolution No. 95-EDA-32 Approving Business Improvement I <br /> Executive Director's Review/Recommenda�f� erste p Loan for Forcia Inc. <br /> - No comments to supplement this report <br /> - Comments attached <br /> Explanation/Summary (attach suppleateitt sheets as.ae euary) <br /> SUMMARY: <br /> As reviewed at the work session on October 2, 1995, Mike Forcia, owner of Mister Donuts in <br /> Mounds View since 1990,approached the City with regards to securing a low-interest loan for <br /> interior and exterior improvement to the bakery. After a meeting was arranged with Western <br /> IP Bank in-Mounds View, procedures were taken to review the financial feasibility of the loan <br /> request by Forcia Inc. <br /> • <br /> Participation m the loan has been approved by Western Bank after following bank underwriting <br /> guidelines. In addition, the Economic Development Commission has reviewed the application in <br /> detail and feels this project conforms to the goals of the program and would benefit the <br /> community as a whole. <br /> Forcia Inc has requested the maximum loan of$50,000 for interior and exterior improvements. <br /> Mister Donut is open 24 hours and currently serves donuts and pastries. Forcia Inc. is <br /> proposing to expand the product line to include soups, subs, sandwiches,bagels,ice cream <br /> and cakes as a direct result of their expansion. In addition,the improvements will allow <br /> Forcia Inc. to join the Mid-Atlantic Bakery Co-op and will change the store name to Donut <br /> Connection and to make significant'exterior and interior aesthetics improvements,add new <br /> signage and equipment purchases; <br /> Approval of the loan meets the goals of the program by benefiting the entire community of <br /> • Mounds View,improving the aesthetics of the.commercial sector in Mounds View,adding <br /> jobs and increasing the tax base. <br /> (46/4 <br /> �i <br /> COttiiyi NDA ION; Cathy Be .e , Economic Development Coordinator <br /> Waive Reading and ApprovelDisapprove Resolution No. 95-EDC-32 --Approving <br /> Business Improvement Partnership Loan for Forcia Inc. <br />