Laserfiche WebLink
t <br /> MOUNDS VIEW ECONOMIC DEVELOPMENT AUTHORITY <br /> REQUEST FOR EDA CONSIDERATION <br /> STAFF REPORT <br /> EDA MEETING DATE February 6. 1995 <br /> EDA Action: <br /> ❑ Special Order of Business Agenda Section: 6. <br /> • Public Hearings Report Number: 95-1228WS <br /> Consent Agenda Report Date: 2-2-95 <br /> • CDA Business - <br /> Item Description: Discussion of Small Business Loan Program ' <br /> --Executive Director's—Review/Recorrtnrenztarctitr: <br /> 4-- No comments to supplement this report --(i2:41-4;4---- <br /> - <br /> Contntents attached <br /> Explanation/Summary (attach supplement sheets as necessary) <br /> SUMMARY: <br /> The 1994 Goal #11, Create and Implement an Economic Development Program, included an action step to develop incentives <br /> for business development. In response, the Economic Development Commission(EDC)researched current incentive programs <br /> available to local businesses and evaluated loan programs implemented in other metro cities. In addition, the North Metro <br /> Business Retention and Development Survey data was reviewed to see if there was a need for financing locally. <br /> As a result, the EDC has drafted a small business development program that would visibly benefit the enhancement of Mounds <br /> View's small businesses and would also send a message to the businesses that their success is important to the overall prosperity <br /> of the City. <br /> The attached is a draft of the program which outlines the goals, the eligibility requirements, qualifying improvements and the <br /> terms of the loan. The basic premise of the program is to provided a low interest loan to existing Mounds View businesses <br /> for interior and exterior improvement. There are several older buildings in Mounds View whereby modernization to both their <br /> exterior and interior could enhance both their business and the image of Mounds View. <br /> Mark Malone, EDC member and manager of Western Bank, will be at the work session to present the program to the EDA <br /> for consideration and answer any questions regarding the program. <br /> / V <br /> Cathy Bennett,o omic Development Coordinator <br /> • <br /> RECOMMENDATION: <br />