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To: Economic Development Commission Members <br /> From: Kevin Carroll, Economic Development Coordinator MEMORANDUM <br /> Subject Business Improvement Partnership Loan Program <br /> • <br /> Date: May 22, 1998 <br /> INTRODUCTION <br /> Given the Iimited number(and the relatively small size) of parcels in Mounds View that <br /> are available for new commercial or industrial development, it is important that sufficient <br /> attention be devoted to making certain that we retain existing businesses mad help them to <br /> expand or improve their operations. I believe that the`Business Improvement <br /> Partnership Loan Program"(hereinafter"the Program") that was started in 1995 was an <br /> important step in that direction. However, it appears that the Program has been largely <br /> inactive for over a year and a half, for reasons that presumably include limited public <br /> awareness of the Program, financial constraints, staff turnovers, and/or new or different <br /> EDC/EDA/City Council priorities. Rather than continuing to leave the Program"in <br /> limbo," it seems appropriate to determine whether the Program should be reactivated or <br /> officially discontinued. If it is to be reactivated,thought should be given to whether any 41) <br /> changes should be made in the structure or eligibility requirements of the Program. <br /> This Memo has been prepared to provide some historical perspective, and to outline a <br /> proposed course of action for the EDC's consideration. <br /> HISTORY/CHRONOLOGY <br /> February 13, 1995: Resolution No. 95-EDA-23 adopted : "Resolution Supporting the <br /> Pursuit of a Small Business Loan Program for Mounds View Businesses." <br /> (After this date, the following presumably occurred: drafting and approval of generic <br /> "Participation Agreement"; drafting and approval of"Application for Business Loan <br /> Program"form; preparation of informational trifold brochure; preparation of one page <br /> "Low Interest Loans" flyer.) <br /> May 25, 1995: Resolution No. 95-EDC-9 adopted: "Resolution Recommending <br /> Amounts to Fund the Business Loan Program for 1995 and 1996." [$100,000 for 1995 <br /> and $300,000 for 1996] <br /> May 25, 1995: Resolution No. 95-EDC-10 adopted: "Resolution Recommending • <br /> Approval of Small Business Loan for Dynex Industries." [Applicant requested <br /> ■ <br />