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Mounds View EDA April 22, 2013 <br />Regular Meeting Page 2 <br /> <br />the EDA to discuss advertising the City to a target audience of businesses and potential <br />developers. She commented the EDC discussed this item last Friday but does not have a <br />recommendation at this time. The EDC would like to further review the item at their May <br />meeting prior to making a recommendation to Council. <br /> <br />Commissioner Mueller thanked staff for working through this issue with the EDC and she looked <br />forward to hearing their recommendation in May. <br /> <br />Commissioner Meehlhause noted he attended the EDC meeting last Friday and one item <br />discussed was better utilizing the billboards in the community to create interest for potential <br />developers. <br /> <br />Mayor Flaherty explained he looked forward to discussing this item in detail next month. <br /> <br />B. Review Home Improvement Loan Program <br /> <br />Economic Development Specialist Steinmetz stated the EDA’s home improvement loan program <br />was created in late 2010. The four different loan types were discussed in detail. She explained a <br />total of three loans have been closed since the program began. It was noted the lack of interest in <br />this program could be due to the downturn in the economy or rise in unemployment. <br /> <br />Economic Development Specialist Steinmetz commented the EDC discussed this program and <br />recommended the EDA reduce the amount allotted for the loan program to $100,000. This <br />would allow for the remaining $50,000 to be used for revitalization of County Road 10. The <br />EDC also recommended the EDA increase the home demolition loan amount to $15,000, which <br />would closer reflect the actual expense to demo a home. <br /> <br />Commissioner Mueller questioned how the EDC suggested the $50,000 should be used for <br />revitalization. Economic Development Specialist Steinmetz stated no priorities were specified at <br />their last meeting. She commented the EDC understood that the corridor was a priority and <br />having these funds available would better align with the EDA’s 2013 goals. She indicated <br />$100,000 would be enough to meet the current needs of the home improvement loan program. <br /> <br />President Flaherty thought this adjustment made sense and the shift in funds would assist the <br />EDA in meeting their goals for the corridor. He supported the increase to the home demolition <br />loan amount to $15,000. He explained the economy was coming around and the loan program <br />may see more use in the coming years. <br /> <br />President Flaherty requested staff review the loan documents further to see if performance <br />measures were in place for demolition loans. <br /> <br />Vice President Gunn reviewed the loan process forms noting all contractors had to be licensed <br />and all work must be completed within 120 days of the loan closing. It was her understanding <br />that these stipulations ensured that demolition work would be completed.