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<br />Item No: 7C <br />Meeting Date: April 22, 2013 <br />Type of Business: EDA <br />Administrator Review : ____ <br /> <br />City of Mounds View Staff Report <br />To: Economic Development Authority (EDA) <br />From: Heidi Steinmetz, Economic Development Specialist <br />Item Title/Subject: Review Business Improvement Partnership Loan Program <br /> <br /> <br />Background <br /> <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 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 2013 is $50,000. <br /> <br />Discussion <br /> <br />Since the City Council’s 2013 Priority Statement relates to the revitalization of County Road <br />10, the EDC reviewed the Business Improvement Loan Program at their April 19th meeting <br />to discuss if the program should be amended to better support County Road 10 <br />revitalization. City staff will provide the EDA with a verbal summary of the EDC’s <br />discussion. <br /> <br />Recommendation <br /> <br />City staff recommends that the EDA consider the EDC’s April 19th discussion regarding the <br />Business Improvement Partnership Loan Program and provide further direction to City <br />staff. <br /> <br />Respectfully submitted, <br /> ___________________________ <br />Heidi Steinmetz, Economic Development Specialist <br /> <br />Attachments − Business Improvement Partnership Loan Program Flyer & Application <br />