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Staff Memo <br /> To: Economic Development Commission Members <br /> From: Cathy Bennett, Economic Development Coordinator <br /> Date: May 19, 1995 <br /> Agenda Item: Consideration of Recommendations for 1995 and 1996 <br /> (5.c.) Allotment for the Business Loan Pro• ram <br /> Staff has been working with a financial consultant to accurately estimate the excess <br /> tax increment funds available for economic development programs over the next five <br /> years. If the legislature does not curtail this resource, it is estimated that Mounds <br /> View will have approximate 2.5 million available for all City Development Programs in <br /> 1995 and about 1/2 of that in 1996 depending upon the usage in 1995. The <br /> proposed programs to be funded by these dollars include single family rehabilitation, <br /> multi-family rehabilitation, business loan program, highway 10 redevelopment, Retail <br /> Rehabilitation, and School\Community Facility. A spread of the numbers will be <br /> i presented to the EDA at the June work session by Tax Increment Consultants and the <br /> EDA will be presented with recommendations to allocate the funds to the above <br /> programs. <br /> The EDC has been directed to make a recommendation for an amount to be used to <br /> fund the business loan program for 1995 and 1996. Take into consideration that we <br /> are half way through 1995 and there may be more of a need for funds in 1996 once <br /> we are able to market the program. <br /> 1111 <br />