10-09-1995 EDA - Laserfiche WebLink

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RESOLUTION NO. 95-EDA32 CITY OF MOUNDS VIEW di COUNTY OF RAMSEY, STATE OF MINNESOTA RESOLUTION APPROVING BUSINESS IMPROVEMENT LOAN FOR FORCIA INC. WHEREAS, Forcia Inc, who has owned Mister Donut in.Mounds View since 1990, has requested financial assistance from the Mounds View Economic Development Authority, and WHEREAS, Forcia, Inc. is requesting the maximum loan of$50,000 for interior and exterior improvements and to increase product line at independently owned Mister Donut store located at 2394 Highway 10, and WHEREAS, Mounds View's Economic Development Authority would be responsible for $25,000 at 2 percent interest and Western Bank would be responsible for $25,000 at 11.25 percent interest for five years, and WHEREAS, Western Bank have completed bank underwriting procedures for Forcia Inc and have approved participation in the loan with the Mounds View Economic Development Authority, and WHEREAS, the Economic Development Commission, who asks as an advisory to the Economic Development Authority, has reviewed the loan and has recommended approval per Resolution No. 95- • EDC-11; and WHEREAS, the improvements will allow Forcia Inc. to join the Mid-Atlantic Bakery Co-op and will changethe store name to Donut Connection, and WHEREAS, the change will facilitate significant exterior and interior aesthetics improvements, new signage and equipment purchases, and WHEREAS, the improvements ate in conformance with the requirements of the business loan program approved on June 5, 1995 per,Resolution No 95-EDA27. NOW, TFIEREVOREI, BE IT RESOLVED THAT the Economic Development Authority hereby approves a business improvement loan to Forcia Inc. in the amount of$50,000 of which$25,000 is the Economic Development Authority's participation to be funded out of existingtax increment district dollars: Adopted this 9th day of October, '1995. ATTEST: President (SEAL) Executive Director