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Mounds View EDA June 12, 2000 <br />Regular Meeting Page 4 <br /> <br />and telecommunications could be construed as such. He stated telecommunications would be an <br />eligible project cost, and this would go to technological infrastructure as well as general <br />telecommunication items. <br /> <br /> Ayes – 3 Nays – 1 (Stigney) Motion carried. <br /> <br />C. Authorize Economic Development Commission to Examine Business <br />Improvement Partnership Loan Request. <br /> <br />Economic Development Coordinator Parrish stated staff was recently contacted by Ms. Nicole <br />Vole, who is planning to open a Coffee Shop at 2888 County Road I, who inquired regarding the <br />potential to utilize the City’s Business Improvement Partnership Loan Program, in order to <br />finance the necessary interior and exterior improvements to start the business. <br /> <br />Economic Development Coordinator Parrish indicated this program is done in partnership with a <br />local bank, and provides one half of the loan at 2 percent interest, with a maximum level of City <br />participation at $25,000 on a $50,000 loan, and the minimum level of participation being <br />$10,000. He advised that in addition to the minimum and maximum loan requirements, one of <br />the requirements is that the applicant has been in Mounds View for at least two years. <br /> <br />Economic Development Coordinator Parrish stated as a new business looking to locate in <br />Mounds View, the prospective applicant would not meet this criteria, therefore, at this point, staff <br />is requesting conceptual approval to deviate from the existing requirement, and if the Authority is <br />comfortable with adapting the existing program, it would then be appropriate to direct the <br />Economic Development Commission to evaluate the prospective application on a more detailed <br />basis. <br /> <br />Vice President Stigney inquired if staff was requesting to have this evaluated as an exception to <br />the policy or a change to the policy. <br /> <br />Economic Development Coordinator Parrish stated at this point, the evaluation would be in terms <br />of an exception to the existing policy. He indicated the Community Development Department <br />has included further evaluation of the Business Improvement Partnership Loan Program in its <br />future work plan. He pointed out that based upon the priority rankings, this does not appear to be <br />a high priority, however, there is something to be said for evaluating the program to meet current <br />needs. He advised that the program has not been utilized as of late. <br /> <br />Vice President Stigney inquired if the Authority was simply to evaluate this Program in terms of <br />making an exception for this applicant. <br /> <br />Economic Development Coordinator Parrish stated this was correct. <br /> <br />President Coughlin clarified that the recommendation was to direct the Economic Development