Agenda Packets - 1995/02/27 - Laserfiche WebLink

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National Development Council Training: • I survived the week long course in Economic Development Finance and have come back with a better understanding of how companies are financed and how they report the growth and/or loss of their business. The course included analyzing financial statements for businesses to determine if they have the ability to repay a loan. If the company is workable we then would structure a loan package including conventional bank financing, small business development loan and City revolving funds to enable the company to meet a debt coverage ratio or ability to repay the loans. In addition, we spent some time-evacuating-profit-and-loss-statements relating to-real-estate deals-and learned about rules relating to HUD, CDBG and CD Float programs. This course has been very beneficial in learning the background information needed to make a TIF deal work and will help when we implement the small business loan program. DTED Meeting - Dynex: • I had a meeting with Cheryl Johnson of the Minnesota Department of Trade and Economic Development last week to discuss the Economic Recovery Grant Application for Dynex. She gave me a list of additional information that I need from Dynex and then we can proceed to Part II of the application process. I'm awaiting the additional information from Dynex but if all goes well we should have a complete Part II application submitted by the first of May. Attraction: • Over the past 2 weeks I have had numerous companies interested in property in Mounds View. They range from 200,000 sq.ft building to 18,000 sq. ft. building. In particular one company that distributed medical products is very interested in one of the parcels close to the golf course. They will be providing the City with a letter requesting TIF assistance and from there we will review the information with the EDA. In addition, Paul and I have been working with a site selection consultant who is working with a company that is interested in an 80,000 sq.ft. manufacturing facility. Paul put together an introductory letter regarding Mounds View, marketing the sites near the golf course. The company received more than 60 proposals and Mounds View has made the first cut of 8 sites. As a response, we put together a more in-depth proposal for Mounds View upon which the company will select 2-3 sites for final evaluation. We will keep close tabs on this project. • Per Jerry Linke's request, I contacted Video Concepts who is looking for a new corporate headquarters facility. I spoke with Bill Carlson who is in charge of real estate and he was very appreciative of our proactive call but they are