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1 <br />DOCSOPEN\MU205\13\742458.v1-8/18/21 <br />EDA RESOLUTION 21-EDA-345 <br /> <br />CITY OF MOUNDS VIEW <br />COUNTY OF RAMSEY <br />STATE OF MINNESOTA <br /> <br />A RESOLUTION ESTABLISHING THE NEW BUSINESS IMPROVEMENT <br />FORGIVABLE LOAN PROGRAM <br /> <br />WHEREAS , the Mounds View Economic Development Authority (the “Authority”) <br />was created pursuant to Minnesota Statutes, sections 469.090 through 469.1082 to <br />exercise its powers to promote and protect economic development within the City of Mounds <br />View (the “City”); and <br /> <br />WHEREAS , the Authority seeks to establish a forgivable loan program, to be called <br />the New Business Improvement Forgivable Loan Program (the “Program”) for the purpose <br />of providing funds for physical building improvements and equipment upgrades for new <br />businesses within the City; and <br /> <br />WHEREAS , EDA staff prepared and presented guidelines for the Program, which <br />are incorporated herein by reference (the “Program Guidelines”) at the EDA’s August 23, <br />2021 meeting that set out details of the proposed Program; and <br /> <br />WHERE AS , it is consistent with the goals of the EDA, and is within its powers, to <br />establish the proposed Program to promote and sustain recently established businesses <br />within the City. <br /> <br /> NOW THEREFORE, BE IT RESOLVED, by the Mounds View Economic <br />Development Authority, as follows: <br /> <br />1. The recitals set forth in the preamble to this Resolution are incorporated into this <br />Resolution as if fully set forth herein. <br /> <br />2. The EDA hereby establishes the “New Business Improvement Forgivable Loan <br />Program” as provided in this Resolution. The EDA authorizes a total of _____ to <br />be used for the Loan Program, with individual loans of up to $5,000 per calendar <br />year and total loan amounts under the Program not to exceed $15,000 per <br />recipient. <br /> <br />3. The New Business Improvement Forgivable Loan Program will be structured in <br />accordance with the provisions proposed in the Program Guidelines. <br /> <br />4. The President, Executive Director, and EDA staff are hereby authorized and <br />directed to do each of the following regarding the Program: <br />