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<br />Item No: 6A <br />Meeting Date: August 23, 2021 <br />Type of Business: EDA <br />Administrator review: _______ <br />City of Mounds View Staff Report <br />To: EDA President and Commissioners <br />From: Brian Beeman, Assistant City Administrator <br />Item Title/Subject: 21-EDA-345, Establishing the New Business Improvement Forgivable Loan <br />Program <br /> Background <br />At the August 2, 2021 Council woksession the Council reviewed a draft outline of the newly proposed <br />Forgivable Loan program and offered comments and edits. Kennedy & Graven has implemented those <br />suggestions into the draft loan policy for the EDA’s review. A resolution establishing the new loan program <br />has been prepared. A representative from Kennedy & Graven will be present to answer any questions <br />on the new loan policy as necessary. <br /> <br />Discussion <br />The EDA to review and discuss the newly proposed Forgivable Loan program policy. <br /> <br />Strategic Plan Strategy/Goal <br />Consider adding a new incentive for start-up businesses Identify and distribute any new business subsidy <br />programs, maintain a positive business climate where businesses want to locate and remain in mounds view. <br />Finance top redevelopment areas Industrial/Commercial/Residential. <br /> <br />Financial Impact <br />Funded through EDA levy. <br /> <br />Recommendation <br />Should the EDA decide to move forward in approving the new loan program, 21-EDA-345, <br />Establishing the New Business Improvement Forgivable Loan Program, can be approved my motion. <br /> <br />Respectfully submitted, <br /> <br /> ________________________ <br />Brian Beeman <br />Assistant City Administrator <br /> <br />Attachment(s): <br />1) 21-EDA-345 <br />2) Draft Forgivable Loan Program <br /> <br /> <br />The Mounds View Vision <br />A Thriving Desirable Community <br />