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Business Incentive Efforts: <br /> After several months of research by the EDC, the EDA approved a business loan <br /> program for existing businesses in Mounds View. Called Business Improvement <br /> Partnership Program, the loans are for interior and exterior improvements and consist <br /> of a matching loans with participating banks. Loans can range from $50,000- $10,000 <br /> with the City's participation at 2% interest rate. <br /> In 1995 the EDA approved two loans. Dynex Industries received $50,000 as part of <br /> their equity participation in a SBA loan for a 60,000 sq.ft. expansion. Mister Donut <br /> received $50,000 to improve the interior and exterior of the building and expand their <br /> product line. <br /> The City of Mounds View began to develop Tax Increment Policies as it relates to <br /> Re/Development in Mounds View. Staff identified excess Tax Increment Funds and <br /> worked with the EDA to develop and prioritize a schedule of uses for the excess funds <br /> over the next 10 years. Ongoing work will be dedicated to this topic to approve a <br /> development plan that will include fundability guidelines. <br /> Highway 10 Redevelopment: <br /> 111 At the direction of the EDC, Mounds View developed a Highway 10 Subcommittee <br /> comprised of Economic Development, Planning and Parks Commission members. The <br /> subcommittee developed and the EDA approved a Vision Statement of the <br /> Redevelopment of Highway 10. <br /> The subcommittee also drafted a proposed plan for the re/development of Highway <br /> 10 and a report was prepared by the administrative aide/U of St. Thomas student <br /> outlining the benefits of investing in the re/development of the corridor. <br /> The EDA briefly reviewed the reports at the end of 1995 and suggested that staff <br /> arrange to have a facilitator assist the council in prioritizing the areas of development <br /> as outlined in the subcommittee report. <br /> As a beginning to the redevelopment of Highway 10, the EDA took a proactive <br /> approach and acquired the blue house property located at 2625 Highway 10. The <br /> property, along with adjacent properties, will be marketed to the development <br /> • <br /> community in 1996. <br /> • 2 <br />