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D. Consideration of Business Loan For Dynex Industries <br /> Coordinator Bennett explained that Dynex Industries approached the City for assistance in the <br /> 110 <br /> expansion of their current headquarters facility 4751 Mustang Circle. After discussions with <br /> Dynex on structuring their financing, it was decided that they would fund the project through <br /> the SBA 504 program. Through this program SBA will provide 40%of the project costs, the <br /> bank will provide 60%of the project costs and Dynex will fund the remainder with equity. <br /> Under SBA guidelines a City revolving loan can be considered as the equity portion of the <br /> financing. Therefore, Dynex is requesting the maximum loan of $50,000 of which the City's <br /> participation would be $25,000 at 2% interest for 10 years. North Star Bank will provide the <br /> remaining balance at 9 and 5/8 percent for 5 years with an adjusted rate for the remaining 5 <br /> years. <br /> Dynex has been approved by SBA and North Star Bank. <br /> Motion/Second: Goff/Welsch moved to approve a business loan MVBL-1, in the amount of <br /> $50,000, for exterior improvements of Dynex Industries. <br /> 6 ayes 0 nays <br /> Motion Carried <br /> E. Discussion of Retention Meetings <br /> Coordinator Bennett gave a brief overview of the business retention calls in April and May and <br /> discussed the targeted companies to meet in June. Each commission member gave coordinator <br /> Bennett four dates in June when they would be available to participation in interviews. <br /> 6. Reports From Chair, Commissioners and Staff: <br /> • There were no reports <br /> 7. Adjournment <br /> There being no further business before the Commission, this meeting of the Economic Development <br /> Commission adjourned at 7:55 p.m. <br /> Respectfully Submitted, <br /> 4L AA- <br /> Economic : e •pment Coordinator <br /> • <br /> 3 <br />