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0 EDC RESOLUTION NO. 95-EDC1O <br /> RESOLUTION RECOMMENDING APPROVAL OF SMALL BUSINESS LOAN FOP. <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 /> • <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: 71/6 <br /> - i -,7f-}7,2 <br /> Chair d ( i j <br /> (SEAL) <br /> Economic Deeprment Coordinator <br /> • . <br />