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WY OF <br /> lilliREQUEST FOR COUNCIL CONSIDERATION Agenda Section: 15, <br /> ma <br /> �I�N REPORT �- <br /> AGENDA SESSION DATE-i Report Number: 95-14 7 7W$_ <br /> r t n 1,e 2 1 9 9 5 Report Date: <br /> _____9=22„..a5__ <br /> DISPOSITION <br /> Item Description: <br /> Discussion of Business Improvement Loan to Forcia, Inc. <br /> Administrator's Review/Recommendation: <br /> - No comments to supplement this report ARi4"*. <br /> - Comments attached. <br /> Ex. . .. 's•. _. . . ary(attach supplement she <br /> ecessary.) <br /> Mike Forcia, owner of Mister Donuts in Mounds View since 1990, approached the <br /> City <br /> to securing a low-interest loan for the interior and exterior improvement to the bakery. In'turn, aregards <br /> meeting was arranged with Mr. Forcia and Western Bank to discuss the project. <br /> Western Bank has approved participation in the loan and review of the application will bepresented <br /> at the EDC meeting this coming Thursday evening. I will have the EDC's recommendation provided <br /> to the EDA on Monday evening. p ded <br /> The applicant is requesting the maximum loan of$50,000. <br /> be <br /> $25,000 at 2% fixed interest for five years and Western Bank's participation partic(pation would be 11. 5 <br /> floating interest for five years. I have attached a copy of a letter from Western Bank ex plain n% <br /> structure and terms of the loan for your review. p g the <br /> The improvements include a conversion from Mister Donuts bakery to a new franchise called Donut <br /> Connection. Mister Donut was purchased by Dunkin Donuts a few years ago and many of the <br /> Mister Donut owners have converted to the Donut Connection franchise so that they can use <br /> the <br /> same brand of bakery products. The conversion includes new neon fascia and awnings, double <br /> faced poly sign, new exterior paint, new drive through intercom system, interior remodeling, <br /> expansion of product line to include sandwiches, soups, bagels, cakes and low-fat items and new <br /> equipment. This project clearly meets the goals of the program by enhancing the astetics of <br /> property along Highway 10 and improving the commercial tax base. <br /> Mr. Forcia will be at the meeting to give an overview of the plans for improvement for the new <br /> bakery in Mounds View. <br /> . ,sei...KL_..g.i__J.C1 <br /> Cathy Bennet/%nomic Development Coordinator <br />