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Mounds View EDA April 22, 2013 <br />Regular Meeting Page 3 <br /> <br /> 1 <br />Commissioner Mueller was in favor of increasing the home improvement loans due to the fact 2 <br />bathroom and kitchen remodeling projects were extremely expensive. She suggested these loans 3 <br />be increased to $25,000. 4 <br /> 5 <br />President Flaherty requested feedback be gained from the Housing Resource Center prior to the 6 <br />City making this adjustment. Economic Development Specialist Steinmetz commented she 7 <br />could speak to the Housing Resource Center and report back to the EDA. 8 <br /> 9 <br />The EDA was in favor of decreasing the loan program to $100,000, with the remaining $50,000 10 <br />being used for Highway 10 revitalization. In addition, the demolition loan program could be 11 <br />increased to $15,000. The EDA requested further information from staff on potentially 12 <br />increasing the home improvement loan amount to $25,000. 13 <br /> 14 <br />Economic Development Specialist Steinmetz explained she would report back to the EDA in 15 <br />May with an amended Resolution for the Home Improvement Loan Program. 16 <br /> 17 <br />C. Review Business Improvement Partnership Loan Program. 18 <br /> 19 <br />Economic Development Specialist Steinmetz explained the Business Improvement Partnership 20 <br />Loan Program was funded 50% by the EDA and 50% by a local bank. She reviewed the 21 <br />eligibility criteria within the program stating the main issue the EDC has with the program was 22 <br />requiring that businesses be located in the City of Mounds View for at least two years. She 23 <br />commented that this requirement was limiting businesses that could apply for the loan program. 24 <br />It was recommended the criteria be altered to ensure the businesses are well established while 25 <br />also allowing for businesses to move into Mounds View and apply for a low interest loan to 26 <br />assist in growing their business. 27 <br /> 28 <br />Commissioner Mueller requested the loan program state that the loans were being offered only to 29 <br />Mounds View businesses. President Flaherty agreed. 30 <br /> 31 <br />Commissioner Hull questioned who administered the loans. Economic Development Specialist 32 <br />Steinmetz indicated Western Bank handled the underwriting and loan administration process. 33 <br /> 34 <br />Economic Development Specialist Steinmetz explained she would report back to the EDA in 35 <br />May with an amended Resolution for the Business Improvement Partnership Loan Program. 36 <br /> 37 <br />8. REPORTS 38 <br /> 39 <br />Economic Development Specialist Steinmetz stated the Mounds View Business Council would 40 <br />meet again on Wednesday, May 10th at the Community Center at 7:30 a.m. All were invited to 41 <br />attend. 42 <br /> 43 <br />9. NEXT EDA MEETING: Monday, May 13, 2013, at 6:30 p.m. 44