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Mounds View EDA September 27, 2010 <br />Regular Meeting Page 4 <br /> <br />Commissioner Hull agreed to leave the criteria as is and not over-complicate the program. He 130 <br />did want to see the loan to value rate increased to 90%. 131 <br /> 132 <br />Vice President Stigney felt the program should be further evaluated before put into place to 133 <br />assure the City has thought through all issues that may come about. He was in favor of a low 134 <br />interest loan with deferred principal. 135 <br /> 136 <br />Economic Development Specialist Steinmetz summarized that the loan value ratio would be 137 <br />increased to 90%, and each loan should assure that there was a one year residency in the City of 138 <br />Mounds View. She noted that deferred loans would be offered at 3% interest. Staff would make 139 <br />the necessary changes to the criteria and report back to the Commission. Additional details 140 <br />would have to be worked out with GMHC on how each loan would be administered, managed 141 <br />and closed. 142 <br /> 143 <br />8. REPORTS 144 <br /> 145 <br />None. 146 <br /> 147 <br />9. NEXT EDA MEETING: Monday, October 11, 2010, at 6:30 p.m. 148 <br /> 149 <br />10. ADJOURNMENT 150 <br /> 151 <br />President Flaherty adjourned the meeting at 7:01 p.m. 152 <br /> 153 <br />Respectfully submitted, 154 <br /> 155 <br /> 156 <br />Recorded and transcribed by: 157 <br />Carla Wirth 158 <br />TimeSaver Off Site Secretarial, Inc. 159