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<br />Item No: 5D <br />Meeting Date: April 19, 2013 <br />Type of Business: EDC <br />Administrator Review : ____ <br /> <br />City of Mounds View Staff Report <br /> <br /> <br /> <br />To: Economic Development Commission (EDC) <br />From: Heidi Steinmetz, Economic Development Specialist <br />Item Title/Subject: Review Business Improvement Partnership Loan Program <br /> <br /> <br />Background <br />The Business Improvement Partnership Loan Program was created by the EDA in 1995 <br />to provide up to $25,000 loans at 2% interest loans for exterior and interior improvements. <br /> <br />Attached is the program flyer and application. <br /> <br />EDA records show that the program was used three times; one for Dynex Industries in <br />1995, one for Mister Donut in 1995 and another to Mounds View Fina in 1996. Each loan <br />was a “participation loan” with $25,000 provided by the EDA and $25,000 provided by the <br />bank. <br /> <br />The total loan fund budget for 20 13 is $50,000. <br /> <br />Discussion <br />Since the City Council’s 2013 Priority Statement relates to the revitalization of County Road <br />10, should the Business Improvement Partnership Loan Program amended to better <br />support County Road 10 revitalization? For instance, should new businesses be eligible <br />for the loan? Currently, businesses must be located in Mounds View for two years prior to <br />becoming eligible to apply for the funds. <br /> <br />Recommendation <br /> <br />City staff recommends that the EDC review and discuss the Business Improvement <br />Partnership Loan Program and provide a recommendation to the EDA regarding possible <br />amendments to the program criteria and application. <br /> <br />Respectfully submitted, <br /> <br />___________________________ <br />Heidi Steinmetz, Economic Development Specialist <br /> <br /> <br />Attachments <br /> Business Improvement Partnership Loan Program Flyer & Application <br />