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Mounds View EDA April 22, 2013 <br />Regular Meeting Page 3 <br /> <br /> <br />Commissioner Mueller was in favor of increasing the home improvement loans due to the fact <br />bathroom and kitchen remodeling projects were extremely expensive. She suggested these loans <br />be increased to $25,000. <br /> <br />President Flaherty requested feedback be gained from the Housing Resource Center prior to the <br />City making this adjustment. Economic Development Specialist Steinmetz commented she <br />could speak to the Housing Resource Center and report back to the EDA. <br /> <br />The EDA was in favor of decreasing the loan program to $100,000, with the remaining $50,000 <br />being used for Highway 10 revitalization. In addition, the demolition loan program could be <br />increased to $15,000. The EDA requested further information from staff on potentially <br />increasing the home improvement loan amount to $25,000. <br /> <br />Economic Development Specialist Steinmetz explained she would report back to the EDA in <br />May with an amended Resolution for the Home Improvement Loan Program. <br /> <br />C. Review Business Improvement Partnership Loan Program. <br /> <br />Economic Development Specialist Steinmetz explained the Business Improvement Partnership <br />Loan Program was funded 50% by the EDA and 50% by a local bank. She reviewed the <br />eligibility criteria within the program stating the main issue the EDC has with the program was <br />requiring that businesses be located in the City of Mounds View for at least two years. She <br />commented that this requirement was limiting businesses that could apply for the loan program. <br />It was recommended the criteria be altered to ensure the businesses are well established while <br />also allowing for businesses to move into Mounds View and apply for a low interest loan to <br />assist in growing their business. <br /> <br />Commissioner Mueller requested the loan program state that the loans were being offered only to <br />Mounds View businesses. President Flaherty agreed. <br /> <br />Commissioner Hull questioned who administered the loans. Economic Development Specialist <br />Steinmetz indicated Western Bank handled the underwriting and loan administration process. <br /> <br />Economic Development Specialist Steinmetz explained she would report back to the EDA in <br />May with an amended Resolution for the Business Improvement Partnership Loan Program. <br /> <br />8. REPORTS <br /> <br />Economic Development Specialist Steinmetz stated the Mounds View Business Council would <br />meet again on Wednesday, May 10th at the Community Center at 7:30 a.m. All were invited to <br />attend. <br /> <br />9. NEXT EDA MEETING: Monday, May 13, 2013, at 6:30 p.m.