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10-02-1995 WS
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10-02-1995 WS
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MV City Council
City Council Document Type
City Council Packets
Date
10/2/1995
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EDC RESOLUTION NO. 95-EDC11 <br /> RESOLUTION RECOMMENDING APPROVAL OF SMALL BUSINESS LOAN TO <br /> FORCIA INC. <br /> WHEREAS, Forcia Inc, who has owned Mister Donut in Mounds View since 1990, has approached <br /> the City for a small business improvement loan, and <br /> WHEREAS, Forcia, Inc. is requesting the maximum loan of$50,000 for interior and exterior <br /> improvements and to increase product line at independently owned Mister Donut store located at 2394 <br /> Highway 10, and <br /> WHEREAS, Mounds View's Economic Development Authority would be responsible for $25,000 at <br /> 2% interest rate and Western Bank would be responsible for $25,000 at 11.25% floating interest rate for <br /> five years, and <br /> WHEREAS, Forcia Inc., has been approved by Western Bank contingent upon receiving references <br /> on existing mortgage and franchise loans, and <br /> WHEREAS, Forcia Inc.'s bakery is open 24 hours and currently serves donuts and pastries and will <br /> be expanding the product line to include soups, subs, sandwiches, bagels, ice cream and cakes as a direct <br /> result of their expansion; and <br /> WHEREAS, the improvements will allow Forcia Inc. to join the Mid-Atlantic Bakery Co-op and <br /> will change the store name to Donut Connection, and <br /> WHEREAS, the change will facilitate significant exterior and interior aesthetics improvements, new <br /> signage and equipment purchases, and <br /> WHEREAS, the Economic Development Commission believes that assisting Forcia Inc. will benefit <br /> the entire community of Mounds View by improving the aesthetics of the commercial sector in Mounds <br /> View thereby increasing the tax base. <br /> NOW, THEREFORE, BE IT RESOLVED THAT the Economic Development Commission hereby <br /> recommends approval of a $50,000 small business improvement loan which includes $25,000 Economic <br /> Development Authority participation and $25,000 Western Bank participation. <br /> Adopted by the Economic Development Commission of the City of Mounds View this <br /> 28th day of September, 1995. <br /> ATTEST: <br /> (SEAL) Chair <br /> Economic Development Coordinator <br />
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