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Mounds View EDA May 13, 2013 Regular Meeting Page 2 1 Commissioner Mueller requested clarification from Staff on why the budget for the home loan 2 program was reduced and how those additional funds would be used. Economic Development 3 Specialist Steinmetz explained the Home Improvement Loan Program was being reduced from 4 $150,000 to $100,000 and the additional $50,000 would be set aside for County Road 10 corridor 5 improvements. The change was made to assist in reaching the Council’s 2013 goals to revitalize 6 the corridor. 7 8 MOTION/SECOND: Gunn/Hull. To Waive the Reading and Adopt Resolution 13-EDA-275 9 Amending Mounds View Home Improvement Loan Program. 10 11 Ayes – 5 Nays – 0 Motion carried. 12 13 B. Resolution 13-EDA-276 Amending Mounds View Business Improvement 14 Partnership Loan Program. 15 16 Economic Development Specialist Steinmetz stated the Mounds View Business Improvement 17 Partnership Loan program was discussed by the EDA on April 22nd. Two revisions were 18 proposed regarding the amount of time a business had to be located in the City of Mounds View 19 and to not require the business applicants to provide duplicate financials to the City, when these 20 were already necessary for the bank. She recommended the EDA approve the amendments to the 21 Business Improvement Partnership Loan Program. 22 23 President Flaherty approved of the potential changes as it could assist new businesses in the City. 24 25 MOTION/SECOND: Mueller/Meehlhause. To Waive the Reading and Adopt Resolution 13-26 EDA-276 Amending Mounds View Business Improvement Partnership Loan Program. 27 28 Ayes – 5 Nays – 0 Motion carried. 29 30 C. Resolution 13-EDA-277 Authorizing and Approving the Authority’s 31 Purchase Offer for the Property Located at 2400 County Road H2, Mounds 32 View, Ramsey County, Minnesota, and Approval of the Terms and 33 Conditions and Purchase Agreement. 34 35 Executive Director Ericson indicated the City was made aware of the availability of the parcel at 36 2400 County Road H2 and met in Closed Session to discuss the purchase of this property. A 37 letter of intent was finalized with the seller and was reviewed by the Authority. He noted the 38 purchase price for this property would be $729,000 and was consistent with the priorities for the 39 County Road 10 corridor. He indicated the property was just over two acres in size and would 40 provide a meaningful site for redevelopment along the corridor. Staff recommended the Council 41 authorize and approve the purchase offer for the property at 2400 County Road H2. He 42