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Mounds View EDA May 13, 2013 <br />Regular Meeting Page 2 <br /> <br /> <br />Commissioner Mueller requested clarification from Staff on why the budget for the home loan <br />program was reduced and how those additional funds would be used. Economic Development <br />Specialist Steinmetz explained the Home Improvement Loan Program was being reduced from <br />$150,000 to $100,000 and the additional $50,000 would be set aside for County Road 10 corridor <br />improvements. The change was made to assist in reaching the Council’s 2013 goals to revitalize <br />the corridor. <br /> <br />MOTION/SECOND: Gunn/Hull. To Waive the Reading and Adopt Resolution 13-EDA-275 <br />Amending Mounds View Home Improvement Loan Program. <br /> <br /> Ayes – 5 Nays – 0 Motion carried. <br /> <br />B. Resolution 13-EDA-276 Amending Mounds View Business Improvement <br />Partnership Loan Program. <br /> <br />Economic Development Specialist Steinmetz stated the Mounds View Business Improvement <br />Partnership Loan program was discussed by the EDA on April 22nd. Two revisions were <br />proposed regarding the amount of time a business had to be located in the City of Mounds View <br />and to not require the business applicants to provide duplicate financials to the City, when these <br />were already necessary for the bank. She recommended the EDA approve the amendments to the <br />Business Improvement Partnership Loan Program. <br /> <br />President Flaherty approved of the potential changes as it could assist new businesses in the City. <br /> <br />MOTION/SECOND: Mueller/Meehlhause. To Waive the Reading and Adopt Resolution 13- <br />EDA-276 Amending Mounds View Business Improvement Partnership Loan Program. <br /> <br /> Ayes – 5 Nays – 0 Motion carried. <br /> <br />C. Resolution 13-EDA-277 Authorizing and Approving the Authority’s <br />Purchase Offer for the Property Located at 2400 County Road H2, Mounds <br />View, Ramsey County, Minnesota, and Approval of the Terms and <br />Conditions and Purchase Agreement. <br /> <br />Executive Director Ericson indicated the City was made aware of the availability of the parcel at <br />2400 County Road H2 and met in Closed Session to discuss the purchase of this property. A <br />letter of intent was finalized with the seller and was reviewed by the Authority. He noted the <br />purchase price for this property would be $729,000 and was consistent with the priorities for the <br />County Road 10 corridor. He indicated the property was just over two acres in size and would <br />provide a meaningful site for redevelopment along the corridor. Staff recommended the <br />Authority authorize and approve the purchase offer for the property at 2400 County Road H2.