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0 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 Business Loan for Dynex Industries <br /> (5.d.) <br /> In anticipation of the funds being made available for the business loan program and <br /> the legislation does not take away this opportunity, Dynex Industries would like to be <br /> the first applicant for the business loan program. Dynex would like to fund their <br /> expansion through an SBA loan, conventional financing and the City's business loan <br /> program. The EDC is familiar with the project since we had applied for a State <br /> Economic Recovery Grant. Dynex has gone through the proper building process at <br /> the City and have been issued a building permit. <br /> • The EDC is asked to make a recommendation for appoval\disapproval of the <br /> maximum loan amount for Dynex Industries expansion. This includes $25,000 City <br /> participation at 2% and $25,000 bank participation. Dynex has chosen NorthStar <br /> Bank in Roseville. <br /> If approved by the EDC, a final participation agreement for the loan will be signed <br /> and recorded at the City. <br /> • <br />