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<br />Item No: 7B <br />Meeting Date: May 13, 2013 <br />Type of Business: EDA <br />Administrator Review : ____ <br /> <br />City of Mounds View Staff Report <br /> <br /> <br /> <br />To: Economic Development Authority (EDA) <br />From: Heidi Steinmetz, Economic Development Specialist <br />Item Title/Subject: Resolution 13-EDA-276 Amending the Mounds View <br />Business Improvement Partnership Loan Program <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 />Attached is the program flyer and application. <br /> <br />The program was used three times; one for Dynex Industries in 1995, one for Mister Donut <br />in 1995 and another to Mounds View Fina in 1996. Each loan was a “participation loan” <br />with $25,000 provided by the EDA and $25,000 provided by the bank. <br /> <br />The total loan fund budget for 20 13 is $50,000. <br /> <br />Discussion <br /> <br />The EDC (April 19) and EDA (April 22) recently discussed the following amendments to the <br />Business Improvement Partnership Loan Program: <br /> <br />1) Remove the requirement that businesses must be located in Mounds View for two <br />years prior to applying for the loan <br /> <br />2) Because the participating bank will require financial statements and bids to <br />underwrite the loan, remove the requirement that applicants must also provide the <br />information to the EDA <br /> <br />Recommendation <br /> <br />City staff recommends that the EDA consider Resolution 13-EDA-276 Amending the <br />Mounds View Business Improvement Partnership Loan Program. <br /> <br />Respectfully submitted, <br /> <br />___________________________ <br />Heidi Steinmetz, Economic Development Specialist <br /> <br />Attachments <br /> Revised Business Improvement Partnership Loan Program Flyer & Application <br /> Resolution 13-EDA-276