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IIIEDC RESOLUTION NO. 95-EDC9 <br /> RESOLUTION RECOMMENDING AMOUNTS TO FUND THE BUSINESS LOAN <br /> PROGRAM FOR 1995 AND 1996 <br /> WHEREAS, on February 13, 1995, the Economic Development Authority approved the <br /> pursuit of a small business loan program for Mounds View businesses, and <br /> WHEREAS, City staff have been working with representatives from the Economic <br /> Development Commission and development attorney from Briggs and Morgan to develop the <br /> legal documents and agreements for the business loan program, and <br /> WHEREAS, to fund the program, the Economic Development Commission determined <br /> that a minimum of 4 maximum loans in the remaining of 1995 and 12 maximum loans in 1996 <br /> could be issued through the program, and <br /> WHEREAS, funds for the program would come from excess tax increment financing <br /> dollars generated by development districts in the City, and <br /> 110 W 'REAS, The Economic Development Commission's mission includes the promotion <br /> of a positive economic climate which retains and expands existing businesses; and <br /> WREAS, the Economic Development Commission believes that offering a competitive <br /> program to assist businesses would enhance the economic climate of the City. <br /> NOW, THEREFORE, BE IT RESOLVED THAT the Economic Development <br /> Commission hereby recommends $100,000 for 1-995 and $300,000 for 1996 to be set aside to <br /> fund the Mounds View Business Loan Program. <br /> Adopted by the Economic Development Commission of the City of Mounds View this <br /> 25th day of May, 1995. <br /> (iir - <br /> ATTEST: ! 'i: j ''%%� .;/7 <br /> Chairi / 7 ' i <br /> (SEAL) / / <br /> Economic Q7 lopment Coordinator <br /> 0 <br />