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UNAPPR VE0 <br /> 5. EDC Business: <br /> A. Consider Draft Business Assistance Program for Existing Businesses in the • <br /> City of Mounds View. <br /> Coordinator Bennett presented an outline of the Business Loan Program discussed at <br /> the November meeting. The outline presents goals, eligibility requirements, qualified <br /> improvements, terms of the loan interest rate and how to apply. The key element of the <br /> program are for exterior and interior improvements geared toward existing businesses in <br /> Mounds View. Commissioner Malone noted that the EDA should consider a program that is <br /> community oriented with a break-even philosophy. This would be a business friendly program <br /> that encourages improvement to property for the betterment of the entire community. <br /> Motion/Second: Malone/Mountin to approve the draft Business Loan Program with the <br /> following amendments. <br /> Eligibility Requirements - Existing MV business - at least two years <br /> Delete sales amount under small business <br /> Qualified Credit History- Loan "request package required <br /> Interest Rate: Change to "City Participate at 50% of the total loan request <br /> at a below market interest rate." <br /> 5 ayes 0 nays <br /> Motion Carried <br /> B. Consideration of Resolution No. 94-EDC3 in Support of the Mounds View Business <br /> Association. <br /> Motion/Second: Nelson/Mountin move to table resolution No. 94-EDC3. <br /> 5 ayes 0 nays • <br /> Motion Carried <br /> C. Consideration of the Economic Opportunities of Purchasing Blighted or Non-Conforminq <br /> Parcels of Property in the City of Mounds View. <br /> Coordinator Bennett noted that there were several vacant properties in Mounds View that <br /> have the potential for redevelopment. Commissioner Mountin feels it is important to <br /> discuss the pros and cons for the City of proactively purchasing property that may be in a <br /> potential redevelopment area. The basic premise is to purchase the property when it is for <br /> sale rather than wait until the property is occupied. Once property is occupied, relocation <br /> costs would need to be incurred and it can become very expensive. There was discussion <br /> regarding property along Old Highway 8 and the development opportunity in this area. <br /> The commission directed staff to gather research with regards to redevelopment in the area <br /> and contact other Cities who may have implemented a similar strategy. <br /> Motion/Second: Nelson/Seipp move staff to research the redevelopment opportunity for <br /> property along Highway 8. <br /> 5 ayes 0 nays <br /> Motion Carried <br /> 1111 <br /> 2 <br />