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EDC RESOLUTION NO. 95-EDC10 <br />RESOLUTION RECOMMENDING APPROVAL OF SMALL BUSINESS LOAN FOR <br />DYNEX INDUSTRIES <br />WHEREAS, Dynex Industries, a Mounds View business since 1985, has approached the <br />City for a small business loan, and <br />WHEREAS, Dynex Industries is requesting the maximum loan of $50,000 to supplement a <br />Small Business Administration 504 Loan of $1,013,000, and <br />WHEREAS, Mounds View's Economic Development Authority would be responsible for <br />$25,000 at 2% interest and North Star Bank would be responsible for $25,000 at bank terms <br />for ten years, and <br />WHEREAS, Dynex Industries has been approved by the St.Paul/Metro East Development <br />Corporation for 40% of the project and by North Star Bank for 60% of the project, and <br />WHEREAS, Dynex Industries currently employs 60 people in Minnesota and anticipates <br />adding 12 new employees as a direct result of their expansion; and <br />WHEREAS, the Economic Development Commission believes that assisting Dynex <br />Industries will benefit the entire community of Mounds View by promoting quality jobs and <br />increasing the tax base. <br />NOW, THEREFORE, BE IT RESOLVED THAT the Economic Development <br />Commission hereby recommends approval of a $50,000 small business loan which includes <br />$25,000 Economic Development Authority participation and $25,000 bank participation. <br />Adopted by the Economic Development Commission of the City of Mounds View this <br />25th day of May, 1995. <br />ATTEST: <br />(SEAL) <br />Economic Development Coordinator <br />