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Item Number: 7B Meeting Date: May 26, 2009 Type of Business: EDA Administrator Review: _____ City of Mounds View Staff Report To: Economic Development Authority From: Heidi Steinmetz, Economic Development Specialist Item Title/Subject: Discuss Business Improvement Partnership Loan Program Background The EDA developed the Business Improvement Partnership Loan Program in June of 1995 per the attached Resolution 95-EDA-27. The EDA modified the program in 1998 per the attached Resolution 96-EDA-98. In fourteen years, only three businesses (listed below) have used the program. The last time the EDA discussed this program was in March of 2008, when the EDA adopted the Mounds View Business Toolbox. Attached are the minutes from the respective 2008 EDC and EDA meetings when they discussed the Business Improvement Partnership Loan Program. The Toolbox is a document that provides a list of economic development resources and services available for existing and new businesses desiring to locate in Mounds View. The EDA adopted the following language on March 10, 2008 about the Business Improvement Partnership Loan Program as part of the Toolbox document: Purpose: The City’s Economic Development Authority has a vested interest in helping Mounds View businesses thrive and prosper while improving the aesthetics of the commercial, industrial, and retail sectors of the community. Accordingly, the Mounds View Business Improvement Partnership Loan Program has been established to partner with local businesses by providing 2% interest loans for exterior and interior building improvements. Date Business Loan Amount June 1995 Dynex Industries $25,000 October 1995 Mister Donut $25,000 August 1996 Mounds View Fina $25,000