10-26-1995 - Laserfiche WebLink

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• of businesses and developing an economic development plan and marketing program. Bennett noted that Mounds View has completed most of the process to become a star city with the exception of updating the Economic Development Plan and developing a promotional video. Bennett reported that the City has funds set aside for the promotional video. Chairman Seipp suggested that we work on a resolution to pursue the star city process and directed staff to gather more information on the process. Coordinator Bennett suggested we invite a representative from DIED to discuss the requirements for the program at the next meeting. Chairman Seipp asked to have a list of those cities that are already star cities. C. Update on Highway 10 Corridor Redevelopment Coordinator Bennett reported that Administrative Aide Lynnette Morgan was working on a report as part of her internship regarding the importance of redevelopment to a City. Coordinator Bennett presented an outline of the report for EDC's comment. Coordinator Bennett explained that a draft report will be presented to the EDC in October followed by a presentation to the EDA in November. If all goes as planned public forums to gain consensus for the program will begin in January. Commissioner Welsch asked what was the format of the public forums and suggested we review the format used by the entities that have been designed to discuss the future of the arsenal project. In addition, Commissioner Welsch offered to contact the U of M regarding assistance with the program. Chairman Seipp suggested we mail an invitation to the public in the next newsletter regarding public participation. Coordinator Bennett said that the City put a special attachment in the newsletter when they were looking for participants in the Focus 2000 Process which proved to be very effective. D. Consideration of Establishing a Loan Committee Coordinator Bennett reported that, at the recommendation of Mark Malone, that the EDC should consider establishing a loan committee made up of at least four commission members. • The committee could be referred to within a weeks notice to discuss a loan application and make a recommendation to the EDA for approval/denial. This will allow requests to be reviewed in an expedient manner. Motion/Second: Welsch/Goff moved approval of Resolution to Establish a Loan Committee Motion Carried 4 ayes 0 nays D. Consideration of Business Improvement Loan for Mister Donut Coordinator Bennett presented information for consideration of a loan for Forcia, Inc. owners of Mister Donut in Mounds View. Coordinator Bennett reported that the business will be completely improved both on the interior and exterior and the product line will be expanded to include bagels, soup, sandwiches, cakes and ice cream. Bennett noted that Western Bank has reviewed the financial statements and feels that the City's participation is the only way this loan would be approved. The financial reports show a turn toward positive growth and that Western still needs to finalize approvals that current loans are current and there were no defaulted payments. Coordinator Bennett reported that the project conforms with the goals of the program to the fullest. Alternate Liaison Quick reported that even if there was a default on the loan that the property would be improved and more marketable than it is now. Several members reviewed the information and after all questions were satisfactory answered Commissioner Goff made a motion for approval. • 2